Commonwealth Consolidated Acts Commonwealth Consolidated ActsThis Part sets out some of the most significant duties of directors, secretaries, other officers and employees of Aboriginal and Torres Strait Islander corporations.
Other duties are imposed by:
(a) other provisions of this Act; and
(b) the provisions of the Corporations Act that are applied to Aboriginal and Torres Strait Islander corporations; and
(c) other laws (including the general law).
A particularly important duty that is imposed on the directors of an Aboriginal and Torres Strait Islander corporation is the obligation imposed by section 588G of the Corporations Act (as applied by section 531 - 1 of this Act) not to incur debts, make distributions to members or enter into uncommercial transactions when the corporation is insolvent.
Division 274 deals with the powers of directors.
Note: Section 683 - 1 defines both director and officer . Officer includes, as well as directors and secretaries, some other people who manage the corporation or its property (such as receivers and liquidators).