- Date
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19 Sep 2012
- Chamber
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House of Representatives
- Status
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Act
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Portfolio
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Treasury
- Summary
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Implements the Council of Australian Governments’ directors’ liability reform by amending: the
Corporations Act 2001
to: remove the personal criminal liability of company secretaries for certain offences and replace it with a civil liability; and impose a penalty for a breach of the civil liability; the Foreign Acquisitions and Takeovers Act 1975
to provide that only an officer of a corporation who authorised or permitted the commission of an offence by that corporation is personally liable for the breach; the Health Insurance Act 1973
to remove the personal criminal liability on company officers of the proprietor of a private hospital who wilfully authorises or permits the bribery of a medical practitioner, midwife or nurse by their corporation, where the officer has not personally been responsible for the offence; the National Vocational Education and Training Regulator Act 2011
to limit the circumstances when executive officers including directors can be personally liable for certain offences of the company; the Therapeutic Goods Act 1989
to: remove the personal liability of executive officers for certain offences of a body corporate; and remove the automatic application of derivative liability; and 10 other Acts to align them with the principles and guidelines for the imposition of personal criminal liability for corporate fault.