Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 3 - Governance  

SECTION 20   Who is a disqualified person ?  

(1)  
A person is a disqualified person if, at any time (whether before or after the commencement of this section):


(a) the person has been convicted of an offence against or arising out of:


(i) this Act; or

(ii) the Financial Sector (Collection of Data) Act 2001 ; or

(iii) the Corporations Act 2001 , the Corporations Law that was previously in force, or any law of a foreign country that corresponds to that Act or to that Corporations Law; or


(b) the person has been convicted of an offence against or arising out of a law in force in Australia, or the law of a foreign country, where the offence related or relates to dishonest conduct, or to conduct relating to a company that carries on business in the financial sector; or


(c) the person has been or becomes bankrupt; or


(d) the person has applied to take the benefit of a law for the relief of bankrupt or insolvent debtors; or


(e) the person has compounded with his or her creditors; or


(f) the Federal Court of Australia has disqualified the person under section 21; or


(g) the person has been disqualified under the law of a foreign country from managing, or taking part in the management of, an entity that carries on the business of banking or insurance or otherwise deals in financial matters.

Note:

The Federal Court of Australia may determine that a person is not a disqualified person (see section 22).

(2)  
A reference in subsection (1) to a person who has been convicted of an offence includes a reference to a person in respect of whom an order has been made relating to the offence under:


(a) section 19B of the Crimes Act 1914 ; or


(b) a corresponding provision of a law of a State, a Territory or a foreign country.

(3)  
Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914 (which includes provision that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them).




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