Western Australian Consolidated Acts

STATE SUPERANNUATION ACT 2000 - SECT 51

51 .         Non-compliance with veto provisions

        (1)         In this section —

        veto provision means a provision of the constitution of MutualCo that confers, or has the effect of conferring, on the special member a power of veto referred to in section 43(3)(c).

        (2)         If MutualCo purports to exercise a power referred to in section 43(3)(c) and the veto provisions relating to the exercise of that power have not been complied with, each director of MutualCo commits an offence.

        Penalty: a fine of $100 000.

        (3)         If a person is charged with an offence under subsection (2) it is a defence to prove that —

            (a)         the purported exercise of the power occurred without the person’s consent or connivance; and

            (b)         the person took all measures that he or she could reasonably be expected to have taken to prevent the purported exercise of the power.

        [Section 51 inserted by No. 25 of 2007 s. 16.]