Section 183 Corporations Act

Corporations act 2001 sect 183 use of information civil obligations.

Section 183 corporations act. Sections 180 to 183. Section 182 and 183 of the corporations act 2001 the fiduciary duties are provided in the 182 and 183 sections of the corporations act whereby under section 182 directors are discouraged form making improper use of their positions. If the gross income derived from an activity for 3 or more of the taxable years in the period of 5 consecutive taxable years which ends with the taxable year exceeds the deductions attributable to such activity determined without regard to whether or not such activity is engaged in for profit then unless the secretary establishes to the contrary such activity shall be presumed for purposes of this chapter for such taxable year to be an activity engaged in for profit.

Criminal sanctions are also possible in some cases. A gain an advantage for themselves or someone else. Section 183 of the corporations act provides a civil obligation that a person who obtains information because they are or have been a director or other officer or employee of a corporation must not improperly use that information to gain an advantage for themselves or someone else or cause detriment to the corporation.

Sections 182 and 183 are civil penalty provisions that is a breach of these sections gives rise to civil liabilities under the corps act. The corporations act also contains a table of provisions that will no longer be applicable to bodies corporate registered under the acnc act see section 111l 1.