Section 324DAC — Corporations Act 2001 (Cth)

If the directors of a listed company, of a listed registered scheme or of a registrable superannuation entity, grant an approval under section 324DAA, the directors must, within 14 days of granting the approval:

(a) lodge a copy of the resolution granting the approval with ASIC; and

(aa) if the approval was granted by the directors of a registrable superannuation entity—give a copy of the resolution to APRA; and

(b) give a copy of the resolution to:

(i) if the individual to whom the approval relates does not act on behalf of an audit firm or company—the individual; and

(ii) if the individual to whom the approval relates acts on behalf of an audit firm or company—the audit firm or company on whose behalf the individual acts.

Note: Details of the approval, and the reasons for the approval, must be included in the directors’ report under section 300 or 300C.

Related sections

• s 324DA — Limited term for eligibility to play significant role in audit of a listed company, listed registered scheme or registrable superannuation entity
• s 324DAA — Directors may extend eligibility term
• s 324DAB — Requirements for directors to approve extension of eligibility term
• s 324DAD — Approval ineffective unless it complies with requirements
• s 324DB — Individual’s rotation obligation
• s 324DC — Audit firm’s rotation obligation

Research how courts apply s 324DAC

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