sec.113General duty to make disclosure

sec.113 General duty to make disclosure

A director of a society must give written notice to the society— of particulars about contracts necessary to enable the society to comply with section 131 ; and of particulars of any change in the particulars mentioned in paragraph (a) , including the consideration (if any) received because of the event giving rise to the change. The notice must be given— if the notice is under subsection (1) (a) —within 14 days after the person— became a director; or entered into the contracts; whichever happens last; and if the notice is under subsection (1) (b) —within 14 days after the person becomes aware of the happening of the event giving rise to the change. A society must, within 7 days after receiving a notice, send a copy to each of the other directors of the society. A director or society must not contravene this section. Maximum penalty for subsection (4) —400 penalty units. (sec.113-ssec.1) A director of a society must give written notice to the society— of particulars about contracts necessary to enable the society to comply with section 131 ; and of particulars of any change in the particulars mentioned in paragraph (a) , including the consideration (if any) received because of the event giving rise to the change. (sec.113-ssec.2) The notice must be given— if the notice is under subsection (1) (a) —within 14 days after the person— became a director; or entered into the contracts; whichever happens last; and if the notice is under subsection (1) (b) —within 14 days after the person becomes aware of the happening of the event giving rise to the change. (sec.113-ssec.3) A society must, within 7 days after receiving a notice, send a copy to each of the other directors of the society. (sec.113-ssec.4) A director or society must not contravene this section. Maximum penalty for subsection (4) —400 penalty units.

• (a) of particulars about contracts necessary to enable the society to comply with section 131 ; and
• (b) of particulars of any change in the particulars mentioned in paragraph (a) , including the consideration (if any) received because of the event giving rise to the change.
• (a) if the notice is under subsection (1) (a) —within 14 days after the person— (i) became a director; or (ii) entered into the contracts; whichever happens last; and
• (i) became a director; or
• (ii) entered into the contracts;
• (b) if the notice is under subsection (1) (b) —within 14 days after the person becomes aware of the happening of the event giving rise to the change.
• (i) became a director; or
• (ii) entered into the contracts;