Section 17Part 4 — CORPORATE DIRECTORS
Corporate directors
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A corporate director appointed as a director of a covered entity shall not, subject to section 22, act in that capacity unless licensed as a corporate director under this Law.
A corporate director who, on or after the date of commencement of this Law, is proposed to be appointed as a director of a covered entity shall not be appointed to act in that capacity unless licensed as a corporate director under this Law.
A corporate director that contravenes this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars.
An offence is not committed under subsection (3) by the holder of —
a companies management licence; or
a mutual fund administrators licence, if the holder of the licence is providing directors to or acting as a director for a client which is a covered entity.
Defined Terms
corporate directorcovered entitylicensed
Cross References
- Section 22 of Directors Registration And Licensing Actexternal
subject to section 22