CORPORATIONS ACT 2001

CHAPTER 2M - FINANCIAL REPORTS AND AUDIT  

PART 2M.7 - SANCTIONS FOR CONTRAVENTIONS OF CHAPTER  

SECTION 344   CONTRAVENTION OF PART 2M.2 OR 2M.3, OR OF CERTAIN PROVISIONS OF PART 2M.4  

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: This subsection is a civil penalty provision (see section 1317E ).

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.

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.