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New legislation for associations

< 1 min read

Board or Committee members will have new duties, which include:

  • Exercising powers and discharge duties with care and diligence
  • Acting in good faith, in the best interests of the association and for a proper purpose
  • Preventing the organisation from trading while it is insolvent.

Breaches of these duties will result in new fines, with the main defences being:

  • Business judgement – informed decisions were made in good faith in the interests of the association
  • Reliance on information – a decision relied on information provided by a competent person.
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