13Duties of directors

13 Duties of directors

(1)  A director must act honestly, exercise reasonable care and be diligent in the performance of the functions, and the exercise of the powers, of a director.

Penalty:  Fine not exceeding 50 penalty units.

(2)  A director must not improperly use information acquired as a director –

(a) to gain, directly or indirectly, a personal advantage or an advantage for another person; or

(b) to cause damage to the Authority.

Penalty:  Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 5 years, or both.

(3)  A director must not improperly use his or her position as a director –

(a) to gain, directly or indirectly, a personal advantage or an advantage for another person; or

(b) to cause damage to the Authority.

Penalty:  Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 5 years, or both.