66   Trading etc by incorporated association

(1)  An incorporated association shall not:

(a)  trade,

(b)  secure pecuniary gain for its members, or

(c)  as trustee, trade or secure pecuniary gain for members of the incorporated association.

Maximum penalty: 5 penalty units.

(2)  Where an incorporated association contravenes subsection (1), any members and officers of the association who by reason of the operation of section 70 are deemed to have contravened that subsection also are jointly and severally liable to any creditor of the association for all debts and liabilities incurred by the association in or in consequence of the trading or the securing of pecuniary gain for members of the association.

(3)  The contravention by an incorporated association of subsection (1) does not affect the validity of any transaction.