Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 2   Amendment of the Banking Act 1959

28   Subsection 13(3)

Repeal the subsection, substitute:

Information to be supplied if ADI unable, or likely to be unable, to meet obligations

(3) An ADI is guilty of an offence if:

(a) the ADI considers that it is likely to become unable to meet its obligations, or that it is about to suspend payment; and

(b) the ADI does not immediately inform APRA of the situation; and

(c) there is no order in force under section 11 determining that this subsection does not apply to the ADI.

Maximum penalty: 200 penalty units.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

(3A) An offence against subsection (3) is an indictable offence.