s 328
In forceLiabilities arising from administration
Part 12Merger, transfer of engagements, winding‑up
Division 4Administration
Subdivision 3Administration: alternative procedure
328 Liabilities arising from administration
(1)
If a co‑operative incurs loss because of fraud, dishonesty, negligence or wilful failure to comply with this Act or the rules of the co‑operative by an administrator, the administrator is liable for the loss.
(2)
An administrator is not liable for loss that is not a loss to which subsection (1) applies but must account for the loss in a report given under section 326.
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