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

Schedule 2   Amendment of the Banking Act 1959

41   After subsection 36(2)

Insert:

(2A) An ADI is guilty of an offence if:

(a) the Reserve Bank has given a direction under subsection (2) that applies to the ADI; and

(b) the ADI fails to comply with the directions; 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.

(2B) An offence against subsection (2A) is an indictable offence.

Note: The heading to section 38A is altered by omitting " bank " and substituting " ADI ".