Financial Intermediaries Act 1996
sec.172Society to comply with direction
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sec.172 Society to comply with direction
A society must take all reasonable steps to comply with a direction to transfer its engagements. Maximum penalty—1600 penalty units. An officer of a society must not— fail to take all reasonable steps to secure compliance by the society with a direction to transfer its engagements; or by a wilful act or omission, be the cause of a failure by the society to comply with a direction to transfer its engagements. Maximum penalty—1600 penalty units or 7 years imprisonment. (sec.172-ssec.1) A society must take all reasonable steps to comply with a direction to transfer its engagements. Maximum penalty—1600 penalty units. (sec.172-ssec.2) An officer of a society must not— fail to take all reasonable steps to secure compliance by the society with a direction to transfer its engagements; or by a wilful act or omission, be the cause of a failure by the society to comply with a direction to transfer its engagements. Maximum penalty—1600 penalty units or 7 years imprisonment.
- (a) fail to take all reasonable steps to secure compliance by the society with a direction to transfer its engagements; or
- (b) by a wilful act or omission, be the cause of a failure by the society to comply with a direction to transfer its engagements.