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Co-operatives National Law Application Act 2013
389Liabilities arising from administration
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389 Liabilities arising from administration
(1) If a co-operative incurs loss because of fraud, dishonesty, negligence or wilful failure to comply with this Law or the rules of the co-operative by an administrator, the administrator is liable for the loss.
(2) An administrator is not liable for a loss that is not a loss to which subsection (1) applies but must account for the loss in a report given under section 387.