120Directors must report certain conduct

120 Directors must report certain conduct

120 Directors must report certain conduct

(1) Each director of a registered body corporate must report the conduct of the following persons to the Secretary if the director suspects, or should reasonably suspect, that the conduct is reportable conduct—

(a) the body corporate,

(b) another director of the body corporate,

(c) a registered individual who is carrying out registered work for the body corporate.

(2) The report must be given as soon as practicable after the director becomes aware of the conduct.

Maximum penalty—300 penalty units.

(3) In this section—

reportable conduct means conduct of a person that is a ground for taking disciplinary action against the person.