ASSOCIATIONS INCORPORATION REFORM ACT 2012 (NO. 20 OF 2012) - SECT 121 Liabilities arising from statutory management
ASSOCIATIONS INCORPORATION REFORM ACT 2012 (NO. 20 OF 2012) - SECT 121
Liabilities arising from statutory management(1) If an incorporated association incurs any loss because of any fraud, dishonesty, negligence or wilful failure to comply with this Act or the regulations or the rules of the association by a statutory manager, the statutory manager is liable for the loss.
(2) A statutory manager is not liable for any loss that is not a loss to which subsection (1) applies but must account for the loss in a report given under section 119(3) or 122.