Good faith, use of position and use of information: criminal offences
211 Good faith, use of position and use of information: criminal offences
A director or other officer of a co‑operative commits an offence if they are reckless, or are intentionally dishonest, and fail to exercise their powers and discharge their duties —
in good faith in the best interests of the co‑operative; or
for a proper purpose.
Penalty for this subsection: a fine of $200 000, or imprisonment for 5 years, or both.
A director, other officer or employee of a co‑operative commits an offence if they use their position dishonestly —
with the intention of directly or indirectly gaining an advantage for themselves, or someone else, or causing detriment to the co‑operative; or
recklessly as to whether the use may result in themselves or someone else directly or indirectly gaining an advantage, or in causing detriment to the co‑operative.
Penalty for this subsection: a fine of $200 000, or imprisonment for 5 years, or both.
A person who obtains information because they are, or have been, a director or other officer or employee of a co‑operative commits an offence if they use the information dishonestly —
with the intention of directly or indirectly gaining an advantage for themselves, or someone else, or causing detriment to the co‑operative; or
recklessly as to whether the use may result in themselves or someone else directly or indirectly gaining an advantage, or in causing detriment to the co‑operative.
Penalty for this subsection: a fine of $200 000, or imprisonment for 5 years, or both.
[Section 211 inserted: No. 7 of 2016 s. 63.]
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