328Contravention by directors of provisions of this Part

328 Contravention by directors of provisions of this Part

328 Contravention by directors of provisions of this Part

(cf Corporations Act s 344)

(1) A director of a co-operative contravenes this subsection if they fail to take all reasonable steps to comply with or to secure compliance with—

(a) section 272, 284 (1) or (2), 289, 290, 291, 292 or 293; or

(b) section 315 (1) of the Corporations Act as applying under section 285 (2) of this Law; or

(c) section 318 of the Corporations Act as applying under section 288 of this Law.

Note—

This subsection is a civil penalty provision (see section 554).

(2) A person commits an offence if they contravene subsection (1) and the contravention is dishonest.

Maximum penalty—$200,000 or imprisonment for 5 years, or both.