389
CurrentLiabilities arising from administration
Chapter 4Structural and other events for co-operatives
Part 4.1Appointment of administrator
Division 3Administration - alternative procedure
389 Liabilities arising from administration
(1)
If a co-operative incurs loss because of fraud, dishonesty, negligence or wilful failure to comply with this Law or the rules of the co-operative by an administrator, the administrator is liable for the loss.
(2)
An administrator is not liable for a loss that is not a loss to which subsection (1) applies but must account for the loss in a report given under section 387.
This Act’s bill:Explanatory statement
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