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You must be fully up-to-date on what your company is doing: Only be a company director or a company secretary if you are willing, able and have enough time to put in the effort.
Avoid any company where someone offers to make you a director or secretary on the promise that ‘you won’t have to do anything’ and ‘just sign here’.
You could be exposing yourself to many legal liabilities.
This is the most common way to incorporate a non-profit group.
The Fast Track facility was introduced to deal with a backlog in restoration applications.
This backlog in restoration cases no longer exists.
If so, some of your reporting obligations to ASIC will no longer apply. If you have personal interests that might conflict with your duty as a director, you must generally disclose these at a directors’ meeting.
This rule does not apply if you are the only director of a proprietary company.