"Corporations Act 2001 s 191 material personal interest disclosure duty"
Corporations Act 2001 (Cth) s 191 requires a company director with a material personal interest in a matter relating to the company affairs to notify the other directors of the interest unless a statutory exception applies.
This is a human-established fact, not a universal axiom. It is true within CTH as enacted by Federal Register of Legislation.
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Answer
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Corporations Act 2001 (Cth) s 191 requires a director of a company who has a material personal interest in a matter relating to the affairs of the company to give the other directors notice of the interest unless a statutory exception applies. The notice must give details of the nature and extent of the interest and its relation to the affairs of the company, and be given at a directors meeting as soon as practicable after the director becomes aware of the interest; the details must be recorded in the minutes. The section does not apply to a proprietary company with only one director. Official source checked: Federal Register of Legislation, Corporations Act 2001 current text, s 191. Dogfood note: Source search for s 191 did not surface a native Corporations Act s 191 row; it returned adjacent proposed directors duties topics and unrelated CCA rows.
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