172
In forceSociety to comply with direction
Part 9Mergers and transfers of engagements
172 Society to comply with direction
(1)
A society must take all reasonable steps to comply with a direction to transfer its engagements.
Maximum penalty—1600 penalty units.
(2)
An officer of a society must not—
(a)
fail to take all reasonable steps to secure compliance by the society with a direction to transfer its engagements; or
(b)
by a wilful act or omission, be the cause of a failure by the society to comply with a direction to transfer its engagements.
Maximum penalty—1600 penalty units or 7 years imprisonment.
This Act’s bill:Explanatory memorandum
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