Co-operative Housing Societies Act 1958
86Carrying on unlawful business
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86 Carrying on unlawful business
(1) A society shall be guilty of an offence if it contravenes any restriction imposed by this Act or the regulations or its rules on its power to carry out business, and, in particular, if it raises money on loan or makes any advance except as authorized by this Act and the regulations and its rules.
(2) Where the society is guilty of any offence under this section, the society shall be liable to a penalty of not more than $200 and every director or officer who knowingly and wilfully authorizes or permits such contravention shall be guilty of an offence and liable to a penalty of not more than $100.
No. 6138 s. 87
S. 87 substituted by No. 7097 s. 8, amended by No. 37/1999 s. 58(Sch. 2 Pt 2 item 12).