Right to recover for loss or damage resulting from contravention (cf Corporations Act s 729)
73 Right to recover for loss or damage resulting from contravention (cf Corporations Act s 729)
(1) A person who suffers loss or damage because of a contravention of section 72 in relation to a co-operative may recover the amount of the loss or damage from a person referred to in a following paragraph if the loss or damage is one that the paragraph makes the person liable for, even if the person did not commit, and was not involved in, the contravention:
(a) the co-operative is liable for loss or damage caused by any contravention of section 72 in relation to the disclosure statement;
(b) each director of the co-operative is liable for loss or damage caused by any contravention of section 72 in relation to the disclosure statement;
(c) a person named in the disclosure statement with their consent as having made a statement (see section 615):
that is included in the disclosure statement; or
on which a statement made in the disclosure statement is based;
is liable for loss or damage caused by the inclusion of the statement in the disclosure statement;
(d) a person who is involved in the contravention of section 72 is liable for loss or damage caused by that contravention.
(2) An action under subsection (1) may begin at any time within 6 years after the day on which the cause of action arose.
(3) This Division does not affect any liability that a person has under any other law.
Note
Section 9 defines involved in a contravention.
This Act’s bill:Explanatory statement
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