22BDuty to notify members of adverse circumstances

### 22B Duty to notify members of adverse circumstances > [*\[Section 22B Inserted by No. 18 of 2025, s. 54, Applied:01 Jan 2026\]*](/view/html/inforce/2026-01-01/act-2025-018#GS54@EN) > > > (1)  In this section – > > > > > ***governing documents***, in relation to the Company, includes – > > > > > > > > (a) the statement of expectations in force in respect of the Company and its subsidiaries under [section 20](#GS20@EN) ; and > > > > > > > > > (b) each direction under [section 20A](#GS20A@EN) in effect in respect of the Company and its subsidiaries; and > > > > > > > > > (c) the statement of corporate intent in force in respect of the Company and its subsidiaries under [section 20E](#GS20E@EN) ; and > > > > > > > > > (d) the corporate plan in force in respect of the Company under [section 21](#GS21@EN) ; and > > > > > > > > > (e) the Treasurer’s Instructions in force in respect of the Company and its subsidiaries. > > > (2)  The Board must notify the members, in writing, of any development which, in the opinion of the Board, may – > > > > > > (a) prevent or significantly affect the achievement of the objectives, for the Company or its subsidiaries, as specified in the governing documents of the Company; or > > > > > > > (b) significantly affect the financial viability or operating ability of – > > > > > > > > > > (i) the Company and its subsidiaries; or > > > > > > > > > > > (ii) any partnership, trust, joint venture or arrangement for the sharing of profits in which the Company or its subsidiaries participates; or > > > > > > > (c) prevent the Company or its subsidiaries from complying with a direction given to the Company, or a subsidiary, under [section 20A](#GS20A@EN) ; or > > > > > > > (d) significantly affect the ability of the Company or its subsidiaries to comply with a direction given to the Company, or a subsidiary, under [section 20A](#GS20A@EN) ; or > > > > > > > (e) otherwise significantly affect the Company, or its subsidiaries, in any manner. > > > (3)  A notification under subsection (2) in respect of a development is to be made as soon as possible after the Board becomes aware of the development.