Commonwealth Consolidated Acts

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Safe harbour--taking reasonable steps to ensure company's directors have the benefit of the directors' safe harbour

             (1)  Subsection 588V(1) does not apply in relation to a corporation that is the holding company of a company, and to a debt, if:

                     (a)  the corporation takes reasonable steps to ensure that either subsection 588GA(1) or 588GAAA(1) (the safe harbour provision ) applies in relation to:

                              (i)  each of the directors of the company; and

                             (ii)  the debt; and

                     (b)  the safe harbour provision does so apply in relation to each of those directors and to the debt.

             (2)  A corporation that wishes to rely on subsection (1) in a proceeding for, or relating to, a contravention of subsection 588V(1) bears an evidential burden in relation to that matter.

             (3)  In this section:

"evidential burden" , in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.

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