33Incorporated association not to secure pecuniary profit for members

33 Incorporated association not to secure pecuniary profit for members (1) An incorporated association must not secure pecuniary profit for any of its members. (2) An incorporated association, as trustee, must not secure pecuniary profit for any of its members. (3) A member of an incorporated association must not— (a) aid, abet, counsel or procure; or (b) by act or omission, be in any way directly or indirectly knowingly concerned in, or party to— the commission of an offence by the association against subsection (1) or (2). (4) Any members of an incorporated association who commit an offence against subsection (3) are jointly and severally liable to any creditor of the association for all debts and liabilities incurred by the association in, or in consequence of, securing pecuniary profit for its members. For circumstances under which, for the purposes of this Act, an incorporated association is taken not to have secured pecuniary profit for its members, see section 4. Division 2—Prohibited transactions, unauthorised acts etc.