Financial Intermediaries Act 1996
sec.119Unlawfully acting as director
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sec.119 Unlawfully acting as director
A person must not purport to act as a director of a society unless the person is a director of the society, or the alternate director of a director of the society. Maximum penalty—400 penalty units or 2 years imprisonment. A director of a society must not permit a person who is not a director of the society, or the alternate director of a director of the society, to purport to act as a director of the society. Maximum penalty for subsection (2) —400 penalty units or 2 years imprisonment. (sec.119-ssec.1) A person must not purport to act as a director of a society unless the person is a director of the society, or the alternate director of a director of the society. Maximum penalty—400 penalty units or 2 years imprisonment. (sec.119-ssec.2) A director of a society must not permit a person who is not a director of the society, or the alternate director of a director of the society, to purport to act as a director of the society. Maximum penalty for subsection (2) —400 penalty units or 2 years imprisonment.