(1) An eligible officer is:
(a) a director of a company, or of a body corporate that is a registered Australian body or registered foreign company, who:
(i) is appointed to the position of a director; or
(ii) is appointed to the position of an alternate director and is acting in that capacity;
regardless of the name that is given to that position; or
(b) any other officer of a company, or of a body corporate that is a registered Australian body or registered foreign company, who is an officer of a kind prescribed by the regulations;
but does not include a person covered by a determination under subsection (2) or (3).
Note: This subsection has a modified operation in relation to CCIVs: see section 1242.
(2) The Registrar may determine that a particular person is not an eligible officer . The Registrar must notify the person of the determination.
(3) The Registrar may, by legislative instrument, determine that a class of persons are not eligible officers .