Civil liability if director or former director of subsidiary contravenes this Schedule
10 Civil liability if director or former director of subsidiary contravenes this Schedule
If a person who is a director or former director of a subsidiary is convicted of an offence for a contravention of any of the preceding provisions of this Schedule (other than an offence consisting of culpable negligence), the court by which the person is convicted may, in addition to imposing a penalty, order the convicted person to pay to the parent corporation of the subsidiary—
if the court is satisfied that the person or any other person made a profit as a result of the contravention—an amount equal to the profit; and
if the court is satisfied that the subsidiary, the parent corporation or any other subsidiary of the parent corporation suffered loss or damage as a result of the contravention—compensation for the loss or damage.
If a person who is a director or former director of a subsidiary is guilty of a contravention of any of the preceding provisions of this
Schedule for which a criminal penalty is fixed (other than a contravention consisting of culpable negligence), the parent corporation or the parent corporation's Minister may (whether or not proceedings have been brought for the offence) recover from the person by action in a court of competent jurisdiction—
if the person or any other person made a profit as a result of the contravention—an amount equal to the profit; and
if the subsidiary, the parent corporation or any other subsidiary of the parent corporation suffered loss or damage as a result of the contravention—compensation for the loss or damage.
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