Co-operatives National Law Application Act 2013
538False or misleading statements
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538 False or misleading statements
(1) A person must not, in a document required for the purposes of this Law or filed with the Registrar, make, or authorise the making of, a statement knowing it to be false or misleading in a material particular.
Maximum penalty: $12,000.
(2) A person must not, from a document required for the purposes of this Law or filed with the Registrar, omit, or authorise the omission of, anything knowing that the omission makes the document false or misleading in a material particular.
Maximum penalty: $12,000.
(3) A person who, in a document required for the purposes of this Law or filed with the Registrar, makes, or authorises the making of, a statement that is false or misleading in a material particular commits an offence, unless it is proved that the person had taken reasonable precautions aimed at avoiding the making or authorising of false or misleading statements in the document.
(4) If an omission makes a document required for the purposes of this Law or filed with the Registrar false or misleading in a material particular, a person who made or authorised the omission commits an offence, unless it is proved that the person had taken reasonable precautions aimed at avoiding the making or authorising of omissions that would make the document false or misleading.
Maximum penalty (for subsection (4)): $6,000.