26Duty and liability of officers

26 Duty and liability of officers

26 Duty and liability of officers

(1) An officer of a Corporation must act honestly in the exercise of functions as an officer of the Corporation.

Maximum penalty—

(a) if the contravention is committed with intent to deceive or defraud the Corporation or the State or for another fraudulent purpose—500 penalty units or imprisonment for 5 years, or

(b) in any other case—100 penalty units.

(2) In the exercise of functions, an officer of a Corporation must exercise the degree of care and diligence that a reasonable person in a like position would exercise in the circumstances.

Maximum penalty—100 penalty units.

(3) An officer of a Corporation, or a person who has been an officer of a Corporation, must not make improper use of information acquired because of his or her position as an officer of the Corporation—

(a) to gain, directly or indirectly, an advantage for himself or herself or for another person, or

(b) to cause detriment to the Corporation or the State.

Maximum penalty—500 penalty units or imprisonment for 5 years.

(4) An officer of a Corporation must not make improper use of his or her position as an officer of the Corporation—

(a) to gain, directly or indirectly, an advantage for himself or herself or another person, or

(b) to cause detriment to the Corporation or the State.

Maximum penalty—500 penalty units or imprisonment for 5 years.

(5) If a person contravenes this section, the State may recover from the person as a debt due to the Crown—

(a) if the person or another person made a profit because of the contravention—an amount equal to the profit, and

(b) if the Corporation or the State suffered loss or damage because of the contravention—an amount equal to the loss or damage.

(6) An amount may be recovered from a person pursuant to the State’s right of recovery under this section whether or not the person has been convicted of an offence in relation to the contravention.

(7) The State’s right of recovery against a person under this section is in addition to, and does not limit, the .