New South Wales Consolidated Acts

CO-OPERATIVE HOUSING AND STARR-BOWKETT SOCIETIES ACT 1998 - SECT 208

208 Incurring debts not likely to be paid

(1) If an officer of a co-operative housing body to which this section applies was knowingly a party to the contracting of a debt by the body and had at the time the debt was contracted, no probable or reasonable grounds of expectation, after taking into consideration the body’s other liabilities (if any) at the time, of the body being able to pay the debt, the officer commits an offence.

Maximum penalty: 50 penalty units.

(2) If any business of a co-operative housing body to which this section applies has been carried on with intent to defraud the body’s creditors or creditors of another person or for any fraudulent purpose, a person who was knowingly a party to the carrying on of the business in that way commits an offence.

Maximum penalty: 50 penalty units or imprisonment for 12 months, or both.