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

Schedule 2   Amendment of the Banking Act 1959

32   After subsection 14A(2)

Insert:

(2A) A person who is or has been an officer of an ADI is guilty of an offence if:

(a) there is an ADI statutory manager in relation to the ADI; and

(b) under subsection (2), the ADI statutory manager requires the person to give the ADI statutory manager information; and

(c) the person fails to comply with the requirement; and

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

Maximum penalty: Imprisonment for 12 months.

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

Note 2: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose a fine instead of, or in addition to, a term of imprisonment. The maximum fine a court may impose is worked out as provided in that subsection.

Note 3: 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 maximum fine worked out as mentioned in Note 2.