Corporations Act 2001
A director of a company, registered scheme or disclosing entity contravenes this section if they fail to take all reasonable steps to comply with, or to secure compliance with, Part 2M.2 or 2M.3 , or section 324DAA , 324DAB or 324DAC .
Note: This subsection is a civil penalty provision (see section 1317E ).
[ CCH Note: S 344(1) will be amended by No 8 of 2022, s 3, Sch 2[137] and [ 138], by substituting " Note 1 " for " Note " in the note and inserting note 2, (effective 1 July 2022). Note 2 will read:
Note 2: This subsection has an extended operation in relation to a retail CCIV: see section 1232T .]
A person contravenes this section if: (a) the person is a director of the operator of a notified foreign passport fund; and (b) the person fails to take all reasonable steps to comply with, or to secure compliance with, Part 2M.3 .
Note: This subsection is a civil penalty provision (see section 1317E ).
A person commits an offence if they contravene subsection (1) or (1A) and the contravention is dishonest.
[ CCH Note: S 344(2) will be amended by No 8 of 2022, s 3, Sch 2[139], by inserting the note, (effective 1 July 2022). The note will read:
Note: This subsection has an extended operation in relation to a retail CCIV: see section 1232T .]
Subsection (1) does not apply to section 310 , 312 , 323A or 323B . 344(4)
This section does not affect the application of the provisions of Part 2M.2 or 2M.3 to a director as an officer.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.