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

Schedule 2   Amendment of the Banking Act 1959

36   Subsection 23(1)

Repeal the subsection, substitute:

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

(a) it fails to comply with section 22 on any day; and

(b) that day is not a day to which subsection (2) applies; and

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

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

(1A) If an ADI is convicted of an offence against subsection (1), it is liable to a fixed penalty equal to the amount worked out using the formula:

(Amount of shortfall / 365) * (20 / 100)