Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.11.43

Contravention by participant of the ASTC certificate cancellation provisions

             (1)  This regulation applies to a person who suffers loss or damage because of conduct of a participant that was engaged in a contravention of the ASTC certificate cancellation provisions.

             (2)  The person may, unless the person was involved in the contravention, recover the amount of the loss or damage by action against the participant, whether or not the participant has been convicted of an offence in respect of the contravention.

             (3)  An action under subregulation (2) must be begun within 6 years after the day on which the cause of action arose.

             (4)  This regulation does not affect a liability that a person has under any other law.

             (5)  For section 1310B of the Act, an action under subregulation (2) is taken to be a proceeding in respect of loss or damage arising out of a contravention of the Act.

   



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