sec.70EDuty of care and diligence

### sec.70E Duty of care and diligence An officer of an incorporated association must exercise the officer’s powers and discharge the officer’s duties with the degree of care and diligence that a reasonable person would exercise if that person— were an officer of the association in the association’s circumstances; and occupied the office held by, and had the same responsibilities within the association as, the officer. Maximum penalty—60 penalty units. An officer of an incorporated association who makes a business judgment is taken to meet the requirements of subsection (1) , and the officer’s equivalent duties at common law and in equity, in relation to the judgment if the officer— makes the judgment in good faith for a proper purpose; and does not have a material personal interest in the subject matter of the judgment; and is informed about the subject matter of the judgment to the extent the officer reasonably believes to be appropriate; and reasonably believes the judgment is in the best interests of the association. In this section— business judgment means any decision to take or not to take action in relation to a matter relevant to the operations of the incorporated association. s 70E ins 2020 No. 17 s 31 (sec.70E-ssec.1) An officer of an incorporated association must exercise the officer’s powers and discharge the officer’s duties with the degree of care and diligence that a reasonable person would exercise if that person— were an officer of the association in the association’s circumstances; and occupied the office held by, and had the same responsibilities within the association as, the officer. Maximum penalty—60 penalty units. (sec.70E-ssec.2) An officer of an incorporated association who makes a business judgment is taken to meet the requirements of subsection (1) , and the officer’s equivalent duties at common law and in equity, in relation to the judgment if the officer— makes the judgment in good faith for a proper purpose; and does not have a material personal interest in the subject matter of the judgment; and is informed about the subject matter of the judgment to the extent the officer reasonably believes to be appropriate; and reasonably believes the judgment is in the best interests of the association. (sec.70E-ssec.3) In this section— business judgment means any decision to take or not to take action in relation to a matter relevant to the operations of the incorporated association. - (a) were an officer of the association in the association’s circumstances; and - (b) occupied the office held by, and had the same responsibilities within the association as, the officer. - (a) makes the judgment in good faith for a proper purpose; and - (b) does not have a material personal interest in the subject matter of the judgment; and - (c) is informed about the subject matter of the judgment to the extent the officer reasonably believes to be appropriate; and - (d) reasonably believes the judgment is in the best interests of the association.