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

Schedule 2   Amendment of the Banking Act 1959

39   After subsection 36(1)

Insert:

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

(a) the Reserve Bank has made a determination under subsection (1) of a policy that applies to the ADI; and

(b) the ADI fails to follow the policy; 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.

(1B) An offence against subsection (1A) is an indictable offence.