386AL. Nominee directors

Question 1

386AL. Nominee directors

Answer 1

General overview
[386AL.01] This section provides that all nominee directors of a company must inform the company that they are nominee directors, pursuant to the time lines stated in subsections (1)(a) and (b), and (2)(a) and (b) in respect of a company incorporated on or after the appointed day, or incorporated before the appointed day respectively: s 386AL. Note: this section does not apply to foreign companies. This includes notifying when they cease to be nominee directors or any changes in the particulars provided to the registrar: s 386AL(3)(a) and (b).

Question 2

Who is a nominee director

Answer 2

[386AL.02] Section 386AL(8) provides that a nominee director is one who is accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of any other person.

Question 3

Register of nominee directors

Answer 3

386AL.03] Every company shall keep a register of nominee directors in the form and at such place as prescribed.

Question 4

Access to register

Answer 4

[386AL.04] Subsection (5) restricts access to the register of nominee directors to the persons stated under s 386AM for the purpose of disclosure and inspection. No member of the public including a member of the company may have access to the register.