Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) APRA has given a notice to a life company under section 49 in respect of a contravention of this Part; and
(b) the contravention has resulted in a loss to a statutory fund; and
(c) the company has failed to comply with the notice within the period specified in it or within that period as extended under subsection 49(4);
the persons who were the directors of the company when the contravention occurred are jointly and severally liable to pay the company an amount equal to the amount of the loss.
(2) A person is not liable under subsection (1) if the person proves that he or she used due diligence to ensure that the company complied with the notice.