556Pecuniary penalty orders (cf Corporations Act s 1317G)

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.