66
CurrentOffence
66 Offence
(1)
A transitional corporation commits an offence if it fails to comply with a provision of this Division.
Penalty: 25 penalty units or imprisonment for 6 months, or both.
Note:
The directors may also be liable for the corporation's failure to comply (see subitem (3)).
(2)
An offence against subitem (1) is an offence of strict liability.
Note:
For strict liability, see section 6.1 of the Criminal Code.
(3)
For the purposes of Part 7‑6 of the new Act, a reference to Parts 7‑2 and 7‑3 of the new Act is taken to include a reference to this Division.
Division 12-Reporting exemptions
This Act’s bill:Explanatory memorandumSecond reading speech
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