Offence for disqualified person to manage co‑operative
206B Offence for disqualified person to manage co‑operative
A person is a disqualified person in relation to a co‑operative if the person —
is disqualified from managing corporations under the Corporations Act Part 2D.6; or
is disqualified from managing co‑operatives under this Division; or
is disqualified from managing co‑operatives under a corresponding co‑operatives law; or
is the auditor of the co‑operative or a business partner, employee or employer of the auditor.
A disqualified person in relation to a co‑operative must not —
act as a director of the co‑operative; or
directly or indirectly take part in, or be concerned with, the management of the co‑operative.
Penalty for this subsection: a fine of $24 000, or imprisonment for 2 years, or both.
It is a defence to an offence arising under this section if the person had permission or leave —
in the case of an offence arising in relation to subsection (1)(a) — to manage corporations granted under the Corporations Act section 206G and as referred to in section 206G(1)(a) of that Act; or
in any case — to manage co‑operatives given or granted under either section 206I or 206J,
and their conduct was within the terms of that permission or leave.
[Section 206B inserted: No. 7 of 2016 s. 61.]
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