Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A majority of the directors of an Aboriginal and Torres Strait Islander corporation must be individuals who are Aboriginal and Torres Strait Islander persons.
(2) A majority of the directors of the corporation must ordinarily reside in Australia.
(3) A majority of the directors of the corporation must be members of the corporation.
(4) A majority of the directors of the corporation must not be employees of the corporation.
(5) If a person is performing a chief executive officer function in relation to the corporation, the person may be a director of the corporation but cannot chair the directors' meetings. The person counts as an employee for the purposes of determining under subsection (4) whether a majority of directors are employees.
Note: For the meaning of chief executive officer function , see section 694 - 85.