556Pecuniary penalty orders

#### 556 Pecuniary penalty orders 556 Pecuniary penalty orders (cf Corporations Act s 1317G) > > (1) The Supreme Court may order a person to pay a pecuniary penalty of up to $200,000 if— > > > > > (a) a declaration of contravention by the person has been made under section 554; and > > > > > (b) the contravention— > > > > > > > (i) materially prejudices the interests of the co-operative or its members; or > > > > > > > (ii) materially prejudices the co-operative’s ability to pay its creditors; or > > > > > > > (iii) is serious. > > > (2) A pecuniary penalty ordered to be paid in this jurisdiction is to be paid and treated in accordance with the Co-operatives National Law Act of this jurisdiction.