15Duties of directors

15 Duties of directors

(1)  A director must act honestly in the performance and the exercise of the functions and powers of a director.

Penalty:  Fine not exceeding 50 penalty units.

(2)  [Section 15 Subsection (2) amended by No. 42 of 2001, Sched. 1, Applied:15 Jul 2001] In the performance and exercise of the functions and powers of a director, a director must exercise the same degree of care and diligence that a person in a like position in a corporation within the meaning of the Corporations Act is required to exercise.

Penalty:  Fine not exceeding 50 penalty units.

(3)  A director or former director must not use improperly, whether within Tasmania or elsewhere, 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.

(4)  A director or former director must not use improperly, whether within Tasmania or elsewhere, his or her position as a director or the fact that he or she is or was 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.