72Contravention leading to right to recover for loss or damage

72 Contravention leading to right to recover for loss or damage

72 Contravention leading to right to recover for loss or damage

(cf Corporations Act s 728)

A co-operative contravenes this section if a disclosure statement is given to a person under section 70 and—

(a) there is—

(i) a misleading or deceptive statement in the disclosure statement or in any application form or document that accompanies the disclosure statement; or

(ii) an omission from the disclosure statement of material or information required to be contained in the statement by or under this Law;

and the misleading or deceptive statement or the omission is materially adverse from the point of view of the person to whom it is given; or

(b) the disclosure statement is not current (as referred to in section 70 (1)).