Co-operatives National Law Application Act 2013
74Due diligence defence (cf Corporations Act s731)
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74 Due diligence defence (cf Corporations Act s731)
(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:
(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:
(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:
(b) after doing so, believed on reasonable grounds that the statement was current.