Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An act done by the company named in ASIC's record of a CCIV's registration as the corporate director or temporary corporate director of the CCIV is effective even if:
(a) the company's appointment as corporate director or temporary corporate director did not comply with the CCIV's constitution or any provision of this Act; or
(b) the continuance of the company's appointment as corporate director or temporary corporate director does not comply with the CCIV's constitution or any provision of this Act.
(2) Subsection (1) does not deal with the question whether an effective act by a corporate director:
(a) binds the CCIV in its dealings with other people; or
(b) makes the CCIV liable to another person.
Note: The kinds of acts that this section validates are those that are
only legally effective if the person doing them is a director (for example,
calling a meeting of the company's members). Sections 128 to 130
contain rules about the assumptions people are entitled to make when dealing
with a company and its officers.