181Offence for disqualified person to manage co-operative

181 Offence for disqualified person to manage co-operative

181 Offence for disqualified person to manage co-operative

(1) A person is a disqualified person in relation to a co-operative if the person—

(a) is disqualified from managing corporations under Part 2D.6 of the Corporations Act; or

(b) is disqualified from managing co-operatives under this Division; or

(c) is disqualified from managing co-operatives under a corresponding co-operatives law; or

(d) is the auditor of the co-operative or a business partner, employee or employer of the auditor.

(2) A person must not act as a director or directly or indirectly take part in, or be concerned with the management of, a co-operative if the person is a disqualified person in relation to the co-operative.

Maximum penalty—$24,000 or imprisonment for 2 years, or both.

(3) It is a defence to an offence arising under this section if the person had permission or leave—

(a) in the case of an offence arising in relation to subsection (1) (a)—to manage corporations granted under section 206G of the Corporations Act and as referred to in section 206G (1) (a) of that Act; or

(b) in any case—to manage co-operatives given or granted under either section 188 or 189;

and their conduct was within the terms of that permission or leave.