Pecuniary penalty orders (cf Corporations Act s 1317G)

Current

(1) The Supreme Court may order a person to pay a pecuniary penalty of up to $200 000 if:

(a) a declaration of contravention by the person has been made under section 554; and

(b)

the contravention:

(i) materially prejudices the interests of the co-operative or its members; or

(ii) materially prejudices the co-operative's ability to pay its creditors; or

(iii)

is serious.

(2) A pecuniary penalty ordered to be paid in this jurisdiction is to be paid and treated in accordance with the Co-operatives National Law Act of this jurisdiction.

This Act’s bill:Explanatory statement

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556 Pecuniary penalty orders (cf Corporations Act s 1317G)