74Due diligence defence

#### 74 Due diligence defence 74 Due diligence defence (cf Corporations Act s 731) > > (1) A person is not liable under this Division in relation to a contravention of section 72 because of a misleading or deceptive statement if the person proves they— > > > > > (a) made all inquiries (if any) that were reasonable in the circumstances; and > > > > > (b) after doing so, believed on reasonable grounds that the statement was not misleading or deceptive. > > > (2) A person is not liable under this Division in relation to a contravention of section 72 because of an omission from a disclosure statement in relation to a particular matter or particular information if the person proves they— > > > > > (a) made all inquiries (if any) that were reasonable in the circumstances; and > > > > > (b) after doing so, believed on reasonable grounds that there was no omission from the statement in relation to that matter or information. > > > (3) A person is not liable under this Division in relation to a contravention of section 72 because a disclosure statement is not current if the person proves they— > > > > > (a) made all inquiries (if any) that were reasonable in the circumstances; and > > > > > (b) after doing so, believed on reasonable grounds that the statement was current.