Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A person must not in or in relation to an application, request or demand for money made to or of a cooperative—
(a) give information or make a statement to the cooperative, or an officer, employee or agent of the cooperative, knowing or believing it to be false or misleading in a material particular; or
(b) give to the cooperative, or an officer, employee or agent of the cooperative, information or a statement provided by someone else knowing or believing it to be false or misleading in a material particular.
Maximum penalty: 50 penalty units, imprisonment for 6 months or both.
(2) If a person is convicted of an offence against subsection (1), a cooperative from which money has been obtained by the person in relation to the commission of the offence may exercise any rights under a mortgage or other security given to it by the person to secure the repayment of money that it could exercise if there were a breach of a covenant or of a term of any contract by which the security was given.
(3) The cooperative may exercise any of the rights whether the mortgage or other security was executed by the person alone or by the person and someone else.