THE CORPORATIONS LAW

CHAPTER 5C - MANAGED INVESTMENT SCHEMES

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PART 5C.8 - EFFECT OF CONTRAVENTIONS (CIVIL LIABILITY AND VOIDABLE CONTRACTS)

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SECTION 601MA   CIVIL LIABILITY OF RESPONSIBLE ENTITY TO MEMBERS  

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601MA(1)  (Civil liability)  

A member of a registered scheme who suffers loss or damage because of conduct of the scheme's responsible entity that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the responsible entity whether or not the responsible entity has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.

601MA(2)  (Limitation period)  

An action under subsection (1) must be begun within 6 years after the cause of action arises.

601MA(3)  (Other liability)  

This section does not affect any liability that a person has under other provisions of this Law or under other laws.

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