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Co-operatives (Adoption of National Law) Act 2012
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Turn the raw legal text into a practical explanation grounded in Co-operatives (Adoption of National Law) Act 2012.
199 Insurance premiums for certain liabilities of director, secretary, other officer or auditor
(cf Corporations Act s 199B)
(1) A co-operative or a related corporation must not pay, or agree to pay, a premium for a contract insuring a person who is, or has been, an officer or auditor of the co-operative against a liability (other than one for legal costs) arising out of conduct involving a wilful breach of duty in relation to the co-operative.
Maximum penalty—$500.
(2) This section applies to a premium whether it is paid directly or through an interposed entity.
(3) An offence based on subsection (1) is an offence of strict liability.