Corporations Act 2001

CHAPTER 8A - ASIA REGION FUNDS PASSPORT  

PART 8A.2 - PASSPORT RULES  

SECTION 1211B   COMPLIANCE WITH THE PASSPORT RULES  

1211B(1)    
A person contravenes this subsection if:

(a) an obligation is imposed on the person in relation to an Australian passport fund under the Passport Rules for this jurisdiction; and

(b) the pberson does not comply with the obligation.

1211B(2)    
A person contravenes this subsection if:

(a) an obligation is imposed on the person in relation to a notified foreign passport fund under the Passport Rules for this jurisdiction; and

(b) the person does not comply with the obligation; and

(c) the failure to comply results, or is likely to result, in a person in this jurisdiction who holds an interest in the fund suffering financial or other disadvantage.

1211B(3)    
A person commits an offence if the person contravenes subsection (1) or (2) .

Penalty:

(a) for an individual - 5 years imprisonment, 2,000 penalty units, or both; and

(b) for a body corporate - 20,000 penalty units.

1211B(4)    
A person commits an offence of strict liability if the person contravenes subsection (1) or (2) .

Penalty: 60 penalty units.

1211B(5)    
Section 15.1 of the Criminal Code (extended geographical jurisdiction - category A) applies to an offence against subsection (3) or (4) .