General duty to make disclosure
113 General duty to make disclosure
A director of a society must give written notice to the society—
of particulars about contracts necessary to enable the society to comply with section 131; and
of particulars of any change in the particulars mentioned in paragraph (a), including the consideration (if any) received because of the event giving rise to the change.
The notice must be given—
if the notice is under subsection (1)(a)—within 14 days after the person—
became a director; or
entered into the contracts;
whichever happens last; and
if the notice is under subsection (1)(b)—within 14 days after the person becomes aware of the happening of the event giving rise to the change.
A society must, within 7 days after receiving a notice, send a copy to each of the other directors of the society.
A director or society must not contravene this section.
Maximum penalty for subsection (4)—400 penalty units.
This Act’s bill:Explanatory memorandum
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