Co-Operative Societies Act · s 28H

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s 28H

(1)

A member of the Board of a registered society who holds an office or possesses property by which, whether directly or indirectly a duty or interest may arise, in conflict with his duty or interest as member of the

Board, shall declare the fact, nature and extent of the conflict which may arise at the first meeting of the Board held —

(a)

after he becomes a member of the Board of a registered society; or

(b)

if he is already a member of the Board of a registered society after he commences to hold office or to possess the property by which the conflict may arise.

(2)

Any member of the Board of a registered society who fails to comply with subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $10,000, imprisonment for a term not exceeding 6

months or both.

Liability of members of Board. [S 61/2012]