Co-operatives National Law (NSW)
75General defences
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75 General defences
75 General defences
(cf Corporations Act s 733)
(1) A person is not liable under this Division in relation to a contravention of section 72 because of a misleading or deceptive statement in, or an omission from, a disclosure statement if the person proves that they placed reasonable reliance on information given to them by—
(a) if the person is a body—someone other than a director, employee or agent of the body; or
(b) if the person is an individual—someone other than an employee or agent of the individual.
(2) For the purposes of subsection (1), a person is not the agent of a body or individual merely because they perform a particular professional or advisory function for the body or individual.
(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 that they were not aware of the circumstance or event that caused the statement to cease to be current.