Lecture 11 BFA601 Semester 2 2018.pptx

Compensation s 1317 officer compensates the company

Info icon This preview shows pages 74–77. Sign up to view the full content.

View Full Document Right Arrow Icon
Compensation: s 1317 officer compensates the company DIRECTORS’ DUTIES(RS) Different orders from ASIC (10.137-140) DIRECTORS’ DUTIES(RS) Different orders from ASIC (10.137-140)
Image of page 74

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© Criminal penalties S 184 criminal offences exist for breach of good faith, misuse of position, misuse of information and failure to prevent insolvent trading Penalty units are applied: $170 per unit, eg breach of s 184 maximum fine up to $340,000 and imprisonment of 5 years. DIRECTORS’ DUTIES(RS) Criminal offences (10.141) DIRECTORS’ DUTIES(RS) Criminal offences (10.141)
Image of page 75
© Automatic disqualification: for conviction of an offence, cannot manage a company for 5 years Offences generally: s 1311 a company may pay up to 5 times the penalty of an individual Statutory injunctions: s 1324 for any breaches DIRECTORS’ DUTIES(RS) Criminal offences (10.142) Cont. DIRECTORS’ DUTIES(RS) Criminal offences (10.142) Cont.
Image of page 76

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
© Members (in a meeting) of a company may forgive, exonerate, a director The company constitution cannot exempt officers from breaches of duty A court can excuse an officer for a breach of duty where it is equitable to do so: s 1318 Criminal behaviour cannot be excused DIRECTORS’ DUTIES Forgiving a breach of directors’ duties 10.146) DIRECTORS’ DUTIES Forgiving a breach of directors’ duties 10.146)
Image of page 77
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern