New legislation for associations

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.

Alex York

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