Contravention by directors of provisions of this Part (cf Corporations Act s 344)
328 Contravention by directors of provisions of this Part (cf Corporations Act s 344)
(1) A director of a co-operative contravenes this subsection if they fail to take all reasonable steps to comply with or to secure compliance with:
section 272, 284(1) or (2), 289, 290, 291, 292 or 293; or
(b) section 315(1) of the Corporations Act as applying under section 285(2) of this Law; or
(c) section 318 of the Corporations Act as applying under section 288 of this Law.
Note
This subsection is a civil penalty provision (see section 554).
(2) A person commits an offence if they contravene subsection (1) and the contravention is dishonest.
Maximum penalty: $200 000 or imprisonment for 5 years, or both.
This Act’s bill:Explanatory statement
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