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  

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History

S 344 heading substituted by No 72 of 2012, s 3, Sch 1, Pt 1 [ 12].

344(1)    

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A director of a company, registered scheme, registrable superannuation entity 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 .

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History

S 344(1) amended by No 29 of 2023, s 3, Sch 6[173] (effective 1 July 2023).

S 344(1) amended by No 8 of 2022, s 3, Sch 2[137] and [ 138] (effective 1 July 2022).

S 344(1) amended by No 61 of 2018, s 3, Sch 2[117] (effective 18 September 2018).

S 344(1) amended by No 72 of 2012, s 3, Sch 1, Pt 1 [ 13].

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 ).

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History

S 344(1A) inserted by No 61 of 2018, s 3, Sch 2[118] (effective 18 September 2018).

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 .

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History

S 344(2) amended by No 8 of 2022, s 3, Sch 2[139] (effective 1 July 2022).

S 344(2) amended by No 61 of 2018, s 3, Sch 2[119] (effective 18 September 2018).

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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