South Australian Consolidated Acts South Australian Consolidated Acts (1) A person must not
act as a director or directly or indirectly take part in or be concerned with
the management of a co-operative if the person—
(a) is
the auditor of the co-operative or a partner, employee or employer of the
auditor; or
(b) has
been convicted, whether before or after the commencement of this section,
within or outside South Australia—
(i)
on indictment of an offence in connection with the
promotion, formation or management of a body corporate; or
(ii)
of an offence involving fraud or dishonesty punishable on
conviction by imprisonment for a period of not less than 3 months; or
(iii)
of any offence under section 184, 344, 590, 592, 670A or
728 of the Corporations Act; or
(iv)
of any offence under any provision of a previous law of
South Australia or another State or Territory, with which any of the
provisions referred to in subparagraph (iii) corresponds,
within a period of 5 years after the conviction or, if sentenced to
imprisonment, after his or her release from prison, except with the permission
of the Supreme Court.
Maximum penalty: $24 000 or imprisonment for 2 years, or both.
(2) A person must not
act as a director or directly or indirectly take part in or be concerned with
the management of a co-operative if the person—
(a) has
been convicted of any offence under this Act, within a period of 5 years after
the conviction, except with the permission of the Supreme Court; or
(b) is
prohibited from being a director of a company under Part 2D.6 of the
Corporations Act; or
(c) is
an insolvent under administration (as defined in the Corporations Act ); or
(d) has
been convicted of a contravention of section 181, 182 or 183 of the
Corporations Act (as applied under this Act).
Maximum penalty: $24 000 or imprisonment for 2 years, or both.
(3) In any proceeding
for an offence against subsection (1), a certificate by a prescribed
authority stating that a person was released from prison on a specified date
is, in the absence of evidence to the contrary, proof that that person was
released from prison on that date.
(4) A person who
intends to apply for the permission of the Supreme Court must give the
Commission at least 21 days notice of his or her intention.
(5) The Supreme Court
may grant permission subject to any condition or limitation it considers
appropriate.
(6) A person must
comply with any condition or limitation subject to which permission is
granted.
Maximum penalty: $24 000 or imprisonment for 2 years, or both.
(7) On the application
of the Commission the Supreme Court may revoke its permission.
(8) Subject to this
section, a co-operative is declared to be an applied Corporations legislation
matter for the purposes of Part 3 of the Corporations (Ancillary Provisions)
Act 2001 in relation to Part 2D.6 of the Corporations Act with such
modifications (within the meaning of Part 3 of the
Corporations (Ancillary Provisions) Act 2001 ) as may be prescribed by
the regulations.