New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 67

67 Offences by officers of loan fund companies

(1) Subject to this section, where a loan fund company contravenes or fails to comply with a provision of this Act that is applicable to it and any officer of the company has:

(a) failed to take all reasonable steps within the officer’s power to prevent the contravention or to secure the compliance by the company with the provision, or

(b) connived at or, by the officer’s own intentional act, either by himself or herself or together with others, been the cause of that contravention or failure to comply,

that officer is guilty of an offence and is liable on conviction to a penalty not exceeding 10 penalty units or to imprisonment for a term not exceeding 6 months, or to both.

(2) If an offence under subsection (1) is committed with intent to deceive or defraud members or creditors of the loan fund company, or persons holding options to acquire loan entitlement shares in the company, or for a fraudulent purpose, the offender is liable on conviction to a penalty not exceeding 20 penalty units or to imprisonment for a term not exceeding 12 months, or to both.

(3) A person shall not be sentenced to imprisonment for an offence against subsection (1) (a) unless, in the opinion of the court, the offence was committed intentionally.

(4) Proceedings for an offence against subsection (1) may be taken against an officer of a loan fund company whether or not proceedings are taken against the company with respect to the contravention or failure to comply referred to in that subsection.