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Section 205B(5) Corporations Act 2001
Notice of Name and Address of Directors and Secretaries to ASIC

Section 205B(5) of the Corporations Act 2001 (Cth) is ‘Notice of Name and Address of Directors and Secretaries to ASIC’ and is extracted below.

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Our criminal defence lawyers are vastly experienced in advising and representing corporations and individuals who are facing investigations for regulatory issues and proceedings for criminal offences, and our expertise in serious and complex cases means you can rest assured of receiving the most effective legal representation whatever your situation may involve.

The Legislation

Section 205B(5) of the Corporations Act 2001 (Cth) is Notice of Name and Address of Directors and Secretaries to ASIC and reads as follows:

Notice of Name and Address of Directors and Secretaries to ASIC

Notice required if person stops being a director or secretary

(5) If a person stops being a director, alternate director or secretary of the company, the company must lodge with ASIC notice of the fact within 28 days. The notice must be in the prescribed form.

The penalties

The maximum penalty for the offence of breaching Notice of Name and Address of Directors and Secretaries to ASIC is:

120 penalty units (a Commonwealth penalty unit is currently $210).

However, it should be kept in mind that maximum penalties are reserved for the most serious cases.

Your legal team will be able to advise you of the essential elements the prosecution would need to prove in order to establish the offence, whether those elements are capable of being established in your particular situation, the most effective and efficient way forward and the likely outcome.

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