corporations act-sect 596

Let's see the dogs howl and give each other up,OH by the way there is an article floating around that so called promoters that can be found on the web,that have been spouting how good the GTP was to invest could possibly be liable also,rumour at this time


CORPORATIONS ACT 2001 - SECT 596
Frauds by officers
(1) A person who, while an officer or employee of a company:

(a) by false pretences or by means of any other fraud, induces a person to give credit to the company or to a related body corporate; or

(b) with intent to defraud the company or a related body corporate, or members or creditors of the company or of a related body corporate, makes or purports to make, or causes to be made or to be purported to be made, any gift or transfer of, or charge on, or causes or connives at the levying of any execution against, property of the company or of a related body corporate; or

(c) with intent to defraud the company or a related body corporate, or members or creditors of the company or of a related body corporate, engages in conduct that results in the concealment or removal of any part of the property of the company or of a related body corporate after, or within 2 months before, the date of any unsatisfied judgment or order for payment of money obtained against the company or a related body corporate;

contravenes this section.

(2) Absolute liability applies to so much of an offence based on paragraph (1)(c) as requires that an event occur after, or within 2 months before, the date of any unsatisfied judgment or order for payment of money obtained against the company or a related body corporate.

Note: For absolute liability , see section 6.2 of the Criminal Code .