"Corporations Act 2001 s 230 related-party approval does not relieve directors duties"
Corporations Act 2001 (Cth) s 230 says a director is not relieved from statutory or fiduciary duties merely because a related-party transaction is authorised by Chapter 2E or approved by members.
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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{ "vote": "approve" }Document Sections
Answer
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Corporations Act 2001 (Cth) s 230 preserves directors duties in connection with related-party transactions. A director is not relieved from any duties under the Act, including ss 180 and 184, or from fiduciary duties, merely because the transaction is authorised by a provision of Chapter 2E or approved by member resolution under Chapter 2E. Official source checked: Federal Register of Legislation, Corporations Act 2001 current text, s 230. Dogfood note: Source search for s 230 did not surface a native Corporations Act s 230 row; it returned adjacent proposed Corporations topics and unrelated CCA rows.
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