QLDIn ForceAct
Financial Intermediaries Act 1996
sec.229Fraud or misappropriation
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sec.229 Fraud or misappropriation
A person must not— by false representation or imposition obtain possession of property of a society; or having property of a society in the person’s possession, withhold or misapply the property, or wilfully apply part of the property, to purposes other than those stated or authorised in the society’s rules or under this Act. Maximum penalty—1600 penalty units or 7 years imprisonment.
- (a) by false representation or imposition obtain possession of property of a society; or
- (b) having property of a society in the person’s possession, withhold or misapply the property, or wilfully apply part of the property, to purposes other than those stated or authorised in the society’s rules or under this Act.