Corporations Act 2001
CHAPTER 2M
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FINANCIAL REPORTS AND AUDIT
PART 2M.7
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SANCTIONS FOR CONTRAVENTIONS OF CHAPTER
SECTION 344
CONTRAVENTION OF PART 2M.2 OR 2M.3, OR OF CERTAIN PROVISIONS OF PART 2M.4
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 .
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 .
A person commits an offence if they contravene subsection (1) or (1A) and the contravention is dishonest.
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.
344(1)
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 1: This subsection is a civil penalty provision (see section 1317E ).
Note 2: This subsection has an extended operation in relation to a retail CCIV: see section 1232T .
344(1A)
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 ).
344(2)
A person commits an offence if they contravene subsection (1) or (1A) and the contravention is dishonest.
Note: This subsection has an extended operation in relation to a retail CCIV: see section 1232T .
344(3)
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.
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