556Pecuniary penalty orders

556 Pecuniary penalty orders

556 Pecuniary penalty orders

(cf Corporations Act s 1317G)

(1) The Supreme Court may order a person to pay a pecuniary penalty of up to $200,000 if—

(a) a declaration of contravention by the person has been made under section 554; and

(b) the contravention—

(i) materially prejudices the interests of the co-operative or its members; or

(ii) materially prejudices the co-operative’s ability to pay its creditors; or

(iii) is serious.

(2) A pecuniary penalty ordered to be paid in this jurisdiction is to be paid and treated in accordance with the Co-operatives National Law Act of this jurisdiction.