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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 601JD

Duties of members

(1) A member of a scheme's compliance committee must:

act honestly; and

exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and

not make use of information acquired through being a member of the committee in order to:

gain an improper advantage for the member or another person; or
cause detriment to the members of the scheme; and
not make improper use of their position as a member of the committee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

Note: Subsection (1) is a civil penalty provision as defined in section 1317DA and Part 9.4B provides for civil and criminal consequences of contravening it.

(2) A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection 601FF(1).

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