Section 1227M — Corporations Act 2001: Civil liability of corporate director to members

(1) A member of a CCIV who suffers loss or damage because of conduct of the CCIV’s corporate director that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the corporate director whether or not the corporate director has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention. (2) An action under subsection (1) must be begun within 6 years after the cause of action arises. (3) This section does not affect any liability that a person has under other provisions of this Act or under other laws.