Co-operatives National Law (Queensland)
sec.74Due diligence defence (cf Corporations Act s 731 )
Start here
Get a plain-English read of sec.74
Turn the raw legal text into a practical explanation grounded in Co-operatives National Law (Queensland).
sec.74 Due diligence defence (cf Corporations Act s 731 )
A person is not liable under this Division in relation to a contravention of section 72 because of a misleading or deceptive statement if the person proves they— made all inquiries (if any) that were reasonable in the circumstances; and after doing so, believed on reasonable grounds that the statement was not misleading or deceptive. A person is not liable under this Division in relation to a contravention of section 72 because of an omission from a disclosure statement in relation to a particular matter or particular information if the person proves they— made all inquiries (if any) that were reasonable in the circumstances; and after doing so, believed on reasonable grounds that there was no omission from the statement in relation to that matter or information. 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 they— made all inquiries (if any) that were reasonable in the circumstances; and after doing so, believed on reasonable grounds that the statement was current. (sec.74-ssec.1) A person is not liable under this Division in relation to a contravention of section 72 because of a misleading or deceptive statement if the person proves they— made all inquiries (if any) that were reasonable in the circumstances; and after doing so, believed on reasonable grounds that the statement was not misleading or deceptive. (sec.74-ssec.2) A person is not liable under this Division in relation to a contravention of section 72 because of an omission from a disclosure statement in relation to a particular matter or particular information if the person proves they— made all inquiries (if any) that were reasonable in the circumstances; and after doing so, believed on reasonable grounds that there was no omission from the statement in relation to that matter or information. (sec.74-ssec.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 they— made all inquiries (if any) that were reasonable in the circumstances; and after doing so, believed on reasonable grounds that the statement was current.
- (a) made all inquiries (if any) that were reasonable in the circumstances; and
- (b) after doing so, believed on reasonable grounds that the statement was not misleading or deceptive.
- (a) made all inquiries (if any) that were reasonable in the circumstances; and
- (b) after doing so, believed on reasonable grounds that there was no omission from the statement in relation to that matter or information.
- (a) made all inquiries (if any) that were reasonable in the circumstances; and
- (b) after doing so, believed on reasonable grounds that the statement was current.