Financial Intermediaries Act 1996
sec.105Qualifications of directors
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sec.105 Qualifications of directors
A person is not eligible to be a director of a society if the person— is a minor; or is bankrupt, has applied to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounded with his or her creditors or made an assignment of his or her remuneration for their benefit; or is prohibited from being a director of a corporation by the Corporations Act for a reason other than the person’s age; or has been convicted in the last 10 years— of an indictable offence in relation to the promotion, formation or management of a corporation; or of an offence involving fraud or dishonesty; or of an offence prescribed under a regulation. s 105 amd 2001 No. 45 s 29 sch 3
- (a) is a minor; or
- (b) is bankrupt, has applied to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounded with his or her creditors or made an assignment of his or her remuneration for their benefit; or
- (c) is prohibited from being a director of a corporation by the Corporations Act for a reason other than the person’s age; or
- (d) has been convicted in the last 10 years— (i) of an indictable offence in relation to the promotion, formation or management of a corporation; or (ii) of an offence involving fraud or dishonesty; or (iii) of an offence prescribed under a regulation.
- (i) of an indictable offence in relation to the promotion, formation or management of a corporation; or
- (ii) of an offence involving fraud or dishonesty; or
- (iii) of an offence prescribed under a regulation.
- (i) of an indictable offence in relation to the promotion, formation or management of a corporation; or
- (ii) of an offence involving fraud or dishonesty; or
- (iii) of an offence prescribed under a regulation.