Co-operatives National Law (Queensland)
sec.556Pecuniary penalty orders (cf Corporations Act s 1317G )
Start here
Get a plain-English read of sec.556
Turn the raw legal text into a practical explanation grounded in Co-operatives National Law (Queensland).
sec.556 Pecuniary penalty orders (cf Corporations Act s 1317G )
The Supreme Court may order a person to pay a pecuniary penalty of up to $200,000 if— a declaration of contravention by the person has been made under section 554 ; and the contravention— materially prejudices the interests of the co-operative or its members; or materially prejudices the co-operative’s ability to pay its creditors; or is serious. 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. (sec.556-ssec.1) The Supreme Court may order a person to pay a pecuniary penalty of up to $200,000 if— a declaration of contravention by the person has been made under section 554 ; and the contravention— materially prejudices the interests of the co-operative or its members; or materially prejudices the co-operative’s ability to pay its creditors; or is serious. (sec.556-ssec.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.
- (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.
- (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.
- (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.