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Offences for failure to comply with statutory duties
Offences for failure to comply with statutory duties
What the Law states - Offences for failure to comply with statutory duties
CORPORATIONS ACT 2001 - SECT 283BI
Offences for failure to comply with statutory dutiesThe borrower commits an offence if it intentionally or recklessly contravenes section 283BB, 283BC, 283BD, 283BE, 283BF or 283EA.
Maximum Penalty for the charge of Offences for failure to comply with statutory duties
25 penalty units or 6 months imprisonment or both
What the Prosecution must prove - Offences for failure to comply with statutory duties
1. The borrower intentionally or recklessly breached one of the following duties:
- to conduct its business in a proper and efficient manner;
- to provide a copy of the trust deed upon request;
- to make its records available for inspection;
- to give notice to ASIC of the appointed trustee;
- to take reasonable replace the trustee where necessary;
- to inform the trustee about any charge;
- to give the trustee and ASIC quarterly reports.
Possible Defences - Offences for failure to comply with statutory duties
1. Factual dispute
2. No intent
Which court will hear the charge of Offences for failure to comply with statutory duties
Magistrates Court
