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The Corporations Act 2001 places civil obligations on directors and officers of a company similar to the duties established in general law to avoid conflict of interest. Sections 182 and 183 provide
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TABEL OF CONTENTS Introduction 2 QUESTION 1 2 General Law 3 Duty of Loyalty and Good Faith 3 Taking up corporate opportunity 4 Contracts with the company 4 Misuse of company funds 5 Duty of Care and Dilig ence 5 Statutory Law 7 Improper Use of Position or Information 7 Material Personal Interests 7 Removal of directors 8 Remedies 9 Civil Remedies 9 Criminal Penalties 9 General Law Remedies 9 Members' Statutory Remedies 10 Oppressive conduct 10 QUESTION 2 11 Duty of Loyalty and Good Faith 11 Duty of Care and Diligence 11 Using confidential information 12 Statutory Law 13 Payments and other benefits to directors 13 Lifting the veil of incorporation 14 The company secretary 14 Remedies 15 Civil Remedies 15 Criminal Penalties 15 General Law Remedies 15 Reference 17 Introduction Director's duties exist to protect shareholders from the risk of directors causing harm to the company or its property. The risk arises because the internal rules of most companies vest the power to control and manage the company's property and affairs in the board of directors. The duties fall into two broad groups: 1. The duties of loyalty and good faith; and 2. The duties of care, skill and diligence.1 The duty of "loyalty and good faith" generally includes the specific duties to act in...
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