On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 18/04/2013.
157C.
—(1) Subject to subsection (2), a director of a company may, when exercising powers or performing duties as a director, rely on reports, statements, financial data and other information prepared or supplied, and on professional or expert advice given, by any of the following persons:
(a)
an employee of the company whom the director believes on reasonable grounds to be reliable and competent in relation to the matters concerned;
(b)
a professional adviser or an expert in relation to matters which the director believes on reasonable grounds to be within the person’s professional or expert competence;
(c)
any other director or any committee of directors upon which the director did not serve in relation to matters within that other director’s or committee’s designated authority.
[5/2004]
(2) Subsection (1) shall apply to a director only if the director —
(a)
acts in good faith;
(b)
makes proper inquiry where the need for inquiry is indicated by the circumstances; and
(c)
has no knowledge that such reliance is unwarranted.
[5/2004]
[NZ, 1993, s. 138 (originally s. 107B of the New Zealand draft legislation as reflected in the NZ Law Commission 1989 Report)]