Which of the following statements is correct?Group of answer choicesThe legal duties for directors under Corporation Act and CATSI Act are different.

To determine the correctness of the statement regarding the legal duties for directors under the Corporation Act and the CATSI Act, we need to consider the context and distinctions between the two acts.

1. Understanding the Acts:

   • The Corporations Act 2001 applies to corporations registered under the law of Australia and sets out the framework for corporate governance and the duties of directors.
   • The CATSI Act 2006 (Corporations (Aboriginal and Torres Strait Islander) Act) is designed specifically for Aboriginal and Torres Strait Islander corporations, providing a framework that addresses their unique needs and circumstances.

2. Analyzing Director's Duties:

   • Both acts impose duties on directors, such as the duty to act in good faith, to exercise care and diligence, and to avoid conflicts of interest.
   • However, the specific provisions, scope, and application of these duties can vary between the two acts due to the different types of corporations they govern and the distinct legal frameworks they operate within.

3. Conclusion:

   • Therefore, since the underlying legal frameworks and the contexts in which they operate are different, it is indeed correct to say that the legal duties for directors under the Corporation Act and the CATSI Act are different.

In summary, the statement "The legal duties for directors under Corporation Act and CATSI Act are different" is correct.