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

Schedule 2   Amendment of the Banking Act 1959

47   At the end of section 46

Add:

(2) A person is guilty of an offence if:

(a) the person fails to comply with subsection (1); and

(b) there is no order in force under section 11 determining that subsection (1) does not apply to the person; and

(c) there is no instrument in force under section 48 exempting the person from the application of subsection (1).

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.

(3) An offence against subsection (2) is an indictable offence.