101General duty to make disclosure

#### 101 General duty to make disclosure 101 General duty to make disclosure > > (1) A director of a society must give written notice to the society— > > > > > (a) of such particulars relating to securities, rights, options and contracts as are necessary to enable the society to comply with section 118 (Register of directors etc), and > > > > > (b) of particulars of any change relating to the particulars mentioned in paragraph (a), including the consideration (if any) received because of the event giving rise to the change. > > > (2) A notice under subsection (1) must be given— > > > > > (a) if the notice is under subsection (1) (a)—within 14 days after the person— > > > > > > > (i) became a director, or > > > > > > > (ii) became aware that the person had acquired the securities, a relevant interest in the securities or the rights or options, or > > > > > > > (iii) entered into the contracts, > > > > > > whichever happens last, and > > > > > (b) if the notice is under subsection (1) (b)—within 14 days after the person becomes aware of the happening of the event giving rise to the change. > > > (3) A society must, within 7 days after receiving a notice, send a copy to each of the other directors of the society. > > > (4) A director or society who contravenes this section commits an offence. > > > > Maximum penalty—50 penalty units. > > > (5) In any proceeding under this section, a person is, in the absence of evidence to the contrary, to be taken to have been aware at a particular time of a fact or happening of which an employee or agent of the person, being an employee or agent having duties of acting in relation to his or her employer’s or principal’s interests in a security issued by the society concerned, was aware at that time.