Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 187

Directors of wholly - owned subsidiaries

    A director of a corporation that is a wholly - owned subsidiary of a body corporate is taken to act in good faith in the best interests of the subsidiary if:

  (a)   the constitution of the subsidiary expressly authorises the director to act in the best interests of the holding company; and

  (b)   the director acts in good faith in the best interests of the holding company; and

  (c)   the subsidiary is not insolvent at the time the director acts and does not become insolvent because of the director's act.


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