sec.117Duties of officers

sec.117 Duties of officers

An officer of a society must at all times act honestly in performing the functions and exercising the powers of the office. Maximum penalty— 1600 penalty units or 7 years imprisonment— if because of the contravention— the society is, or its members are, deceived or defrauded; or a creditor of the society, or a creditor of any other person, is deceived or defrauded; or if paragraph (a) does not apply but the contravention was committed— with the intention of deceiving or defrauding the society or its members, a creditor of the society or a creditor of any other person; or for any other fraudulent purpose; or 800 penalty units or 4 years imprisonment, in any other case. An officer of a society must at all times exercise a reasonable degree of care and diligence in performing the functions and exercising the powers of the office and in protecting the interests of the society’s members. Maximum penalty—400 penalty units. An officer or employee of a society, or a former officer or employee of a society, must not make improper use of information acquired because of his or her position as an officer or employee to gain, directly or indirectly, an advantage for himself or herself or for any other person, or to cause detriment to the society. Maximum penalty—800 penalty units or 4 years imprisonment. An officer or employee of a society must not make improper use of his or her position as an officer or employee, to gain, directly or indirectly, an advantage for himself or herself or for any other person, or to cause detriment to the society. Maximum penalty—800 penalty units or 4 years imprisonment. Section 5 applies to subsection (2) as if, in subsection (1) (a) of the section, the words, executive officer or employee were omitted and the words or executive officer were substituted. (sec.117-ssec.1) An officer of a society must at all times act honestly in performing the functions and exercising the powers of the office. Maximum penalty— 1600 penalty units or 7 years imprisonment— if because of the contravention— the society is, or its members are, deceived or defrauded; or a creditor of the society, or a creditor of any other person, is deceived or defrauded; or if paragraph (a) does not apply but the contravention was committed— with the intention of deceiving or defrauding the society or its members, a creditor of the society or a creditor of any other person; or for any other fraudulent purpose; or 800 penalty units or 4 years imprisonment, in any other case. (sec.117-ssec.2) An officer of a society must at all times exercise a reasonable degree of care and diligence in performing the functions and exercising the powers of the office and in protecting the interests of the society’s members. Maximum penalty—400 penalty units. (sec.117-ssec.3) An officer or employee of a society, or a former officer or employee of a society, must not make improper use of information acquired because of his or her position as an officer or employee to gain, directly or indirectly, an advantage for himself or herself or for any other person, or to cause detriment to the society. Maximum penalty—800 penalty units or 4 years imprisonment. (sec.117-ssec.4) An officer or employee of a society must not make improper use of his or her position as an officer or employee, to gain, directly or indirectly, an advantage for himself or herself or for any other person, or to cause detriment to the society. Maximum penalty—800 penalty units or 4 years imprisonment. (sec.117-ssec.5) Section 5 applies to subsection (2) as if, in subsection (1) (a) of the section, the words, executive officer or employee were omitted and the words or executive officer were substituted.