Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A director of a company, registered scheme, registrable superannuation entity or disclosing entity contravenes this section if they fail to take all reasonable steps to comply with, or to secure compliance with, Part 2M.2 or 2M.3, or section 324DAA, 324DAB or 324DAC.
Note 1: This subsection is a civil penalty provision (see section 1317E).
Note 2: This subsection has an extended operation in relation to a retail CCIV: see section 1232T.
(1A) A person contravenes this section if:
(a) the person is a director of the operator of a notified foreign passport fund; and
(b) the person fails to take all reasonable steps to comply with, or to secure compliance with, Part 2M.3.
Note: This subsection is a civil penalty provision (see section 1317E).
(2) A person commits an offence if they contravene subsection (1) or (1A) and the contravention is dishonest.
Note: This subsection has an extended operation in relation to a retail CCIV: see section 1232T.
(3) Subsection (1) does not apply to section 310, 312, 323A or 323B.
(4) This section does not affect the application of the provisions of Part 2M.2 or 2M.3 to a director as an officer.