An Act to amend various Acts and Regulations to implement COAG reforms relating to the criminal liability of directors.
This Act is the Miscellaneous Acts Amendment (Directors’ Liability) Act 2012.
This Act commences on a day or days to be appointed by proclamation.
Insert at the end of section 46 (1):
An offence against subsection (1) committed by a corporation is an executive liability offence attracting executive liability for a director or other person involved in the management of the corporation—see section 58.
Insert at the end of section 47A (1):
An offence against subsection (1) committed by a corporation is an executive liability offence attracting executive liability for a director or other person involved in the management of the corporation—see section 58.
Insert at the end of the section:
An offence against subsection (1) or (2) committed by a corporation is an executive liability offence attracting executive liability for a director or other person involved in the management of the corporation—see section 58.
Omit section 58. Insert instead:
For the purposes of this section, an
(a) section 46 (1),
(b) section 47A (1),
(c) section 48 (1) or (2).
A person commits an offence against this section if:
(a) a corporation commits an executive liability offence, and
(b) the person is:
(i) a director of the corporation, or
(ii) an individual who is involved in the management of the corporation and who is in a position to influence the conduct of the corporation in relation to the commission of the executive liability offence, and
(c) the person:
(i) knows or ought reasonably to know that the executive liability offence (or an offence of the same type) would be or is being committed, and
(ii) fails to take all reasonable steps to prevent or stop the commission of that offence.
Maximum penalty: The maximum penalty for the executive liability offence if committed by an individual.
The prosecution bears the legal burden of proving the elements of the offence against this section.
The offence against this section can only be prosecuted by a person who can bring a prosecution for the executive liability offence.
This section does not affect the liability of the corporation for the executive liability offence, and applies whether or not the corporation is prosecuted for, or convicted of, the executive liability offence.
This section does not affect the application of any other law…