Co-operatives National Law (Queensland)
sec.199Insurance premiums for certain liabilities of director, secretary, other officer or auditor (cf Corporations Act s 199B )
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sec.199 Insurance premiums for certain liabilities of director, secretary, other officer or auditor (cf Corporations Act s 199B )
A co-operative or a related corporation must not pay, or agree to pay, a premium for a contract insuring a person who is, or has been, an officer or auditor of the co-operative against a liability (other than one for legal costs) arising out of conduct involving a wilful breach of duty in relation to the co-operative. Maximum penalty—$500. This section applies to a premium whether it is paid directly or through an interposed entity. An offence based on subsection (1) is an offence of strict liability. (sec.199-ssec.1) A co-operative or a related corporation must not pay, or agree to pay, a premium for a contract insuring a person who is, or has been, an officer or auditor of the co-operative against a liability (other than one for legal costs) arising out of conduct involving a wilful breach of duty in relation to the co-operative. Maximum penalty—$500. (sec.199-ssec.2) This section applies to a premium whether it is paid directly or through an interposed entity. (sec.199-ssec.3) An offence based on subsection (1) is an offence of strict liability.