24Duties of officers and employees

24 Duties of officers and employees

[Section 24 Substituted by No. 42 of 2002, s. 15, Applied:27 Nov 2002]

(1)  In this section –

business judgment means any decision to take or not take action in respect of a matter relevant to the business operations of the Government Business Enterprise;

former employee means a person who ceased to be an employee within the period of 7 years immediately preceding the relevant time;

former officer means a person who ceased to be an officer within the period of 7 years immediately preceding the relevant time.

(2)  An officer of a Government Business Enterprise must perform and exercise the functions and powers of his or her office in that Government Business Enterprise –

(a) in good faith in the best interests of the Government Business Enterprise; and

(b) for a proper purpose.

Penalty:  Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

(3)  An officer of a Government Business Enterprise must exercise his or her powers and perform his or her functions with the degree of care and diligence that a reasonable person would exercise if he or she –

(a) were an officer of a Government Business Enterprise in the circumstances of the Government Business Enterprise; and

(b) occupied the office held by, and had the same responsibilities within the Government Business Enterprise as, the officer.

Penalty:  Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

(4)  [Section 24 Subsection (4) amended by No. 35 of 2004, s. 4, Applied:01 Jan 2005] An officer of a Government Business Enterprise who makes a business judgment is taken to meet the requirements of subsection (3) , and his or her equivalent duties at common law and in equity, in respect of the judgment if the officer –