Section 823X — Corporations Act 2001: All ASIC and Reserve Bank directions under this Part—protection from liability for compliance in good faith

(1) An action or other proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if: (a) the person does the thing, or omits to do the thing, for the purpose of any of the following: (i) complying with a direction given under this Part by ASIC, or the Reserve Bank, to a body corporate; (ii) taking a measure, or an action, specified in such a direction; (iii) doing, or refraining from doing, anything in accordance with such a direction; and (b) it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and (c) the person is any of the following: (i) an officer or senior manager of the body corporate, or of a related body corporate; (ii) an employee or agent of the body corporate, or of a related body corporate; (iii) the body corporate or a related body corporate; (iv) a person engaged to provide services (including advice) to the body corporate or a related body corporate. Note: In a prosecution for an offence, a defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code. (2) For the purposes of paragraph (1)(b), treat it as reasonable for a person to do a thing, or to omit to do a thing, in order to achieve a purpose unless no reasonable person in that person’s position would do the thing, or omit to do the thing, in order to achieve that purpose.