Aboriginal Land Regulation 2011
sec.6Immunity of members
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sec.6 Immunity of members
A member— is chargeable only for amounts and securities actually received even though the member signed a receipt for the amount or security; and is answerable and accountable only for the member’s own acts, receipts, neglects or defaults. Without limiting subsection (1) , a member is not answerable or accountable for— the acts, receipts, neglects or defaults of another member or the land trust; or the acts, receipts, neglects or defaults of a bank, broker or other person with whom trust property is deposited; or the insufficiency or deficiency of any securities or another loss unless the insufficiency, deficiency or loss happens because of the member’s default. (sec.6-ssec.1) A member— is chargeable only for amounts and securities actually received even though the member signed a receipt for the amount or security; and is answerable and accountable only for the member’s own acts, receipts, neglects or defaults. (sec.6-ssec.2) Without limiting subsection (1) , a member is not answerable or accountable for— the acts, receipts, neglects or defaults of another member or the land trust; or the acts, receipts, neglects or defaults of a bank, broker or other person with whom trust property is deposited; or the insufficiency or deficiency of any securities or another loss unless the insufficiency, deficiency or loss happens because of the member’s default.
- (a) is chargeable only for amounts and securities actually received even though the member signed a receipt for the amount or security; and
- (b) is answerable and accountable only for the member’s own acts, receipts, neglects or defaults.
- (a) the acts, receipts, neglects or defaults of another member or the land trust; or
- (b) the acts, receipts, neglects or defaults of a bank, broker or other person with whom trust property is deposited; or
- (c) the insufficiency or deficiency of any securities or another loss unless the insufficiency, deficiency or loss happens because of the member’s default.