Banking Act 1959

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

Division 3 - Governance  

SECTION 19   Disqualified persons must not act for ADIs or authorised NOHCs  

(1)  


A person commits an offence if:


(a) the person is a disqualified person; and


(b) the person is or acts as one of the following:


(i) a director or senior manager of an ADI (other than a foreign ADI);

(ii) a senior manager of the Australian operations of a foreign ADI;

(iii) a director or senior manager of an authorised NOHC;

(iv) an auditor of an ADI or an authorised NOHC; and


(c) for a person who is a disqualified person only because he or she was disqualified under section 21 - the person is disqualified from being or acting as that director, senior manager or auditor (as the case requires).

Penalty: Imprisonment for 2 years.

(2)  


A person commits an offence if:


(a) the person is a disqualified person; and


(b) the person is or acts as one of the following:


(i) a director or senior manager of an ADI (other than a foreign ADI);

(ii) a senior manager of the Australian operations of a foreign ADI;

(iii) a director or senior manager of an authorised NOHC;

(iv) an auditor of an ADI or an authorised NOHC; and


(c) for a person who is a disqualified person only because he or she was disqualified under section 21 - the person is disqualified from being or acting as that director, senior manager or auditor (as the case requires).

Penalty: 60 penalty units.

(3)  
An offence against subsection (2) is an offence of strict liability.

Note:

For strict liability , see section 6.1 of the Criminal Code .

(4)  


A body corporate commits an offence if:


(a) a person is a disqualified person; and


(b) the person is or acts as one of the following:


(i) if the body corporate is an ADI (other than a foreign ADI) - a director or senior manager of the body corporate;

(ii) if the body corporate is a foreign ADI - a senior manager of the Australian operations of the body corporate;

(iii) if the body corporate is an authorised NOHC - a director or senior manager of the body corporate;

(iv) if the body corporate is an ADI or an authorised NOHC - an auditor of the body corporate; and


(c) for a person who is a disqualified person only because he or she was disqualified under section 21 - the person is disqualified from being or acting as that director, senior manager or auditor (as the case requires); and


(d) in any case - the body corporate allows the person to be or act as a director, senior manager or auditor (as the case requires).

Penalty: 250 penalty units.

(5)  


A body corporate commits an offence if:


(a) a person is a disqualified person; and


(b) the person is or acts as one of the following:


(i) if the body corporate is an ADI (other than a foreign ADI) - a director or senior manager of the body corporate;

(ii) if the body corporate is a foreign ADI - a senior manager of the Australian operations of the body corporate;

(iii) if the body corporate is an authorised NOHC - a director or senior manager of the body corporate;

(iv) if the body corporate is an ADI or an authorised NOHC - an auditor of the body corporate; and


(c) for a person who is a disqualified person only because he or she was disqualified under section 21 - the person is disqualified from being or acting as that director, senior manager or auditor (as the case requires); and


(d) in any case - the body corporate allows the person to be or act as a director, senior manager or auditor (as the case requires).

Penalty: 60 penalty units.

(6)  
An offence against subsection (5) is an offence of strict liability.

Note:

For strict liability , see section 6.1 of the Criminal Code ,

(7)  
(Repealed by No 25 of 2008)

(8)  
A failure to comply with this section does not affect the validity of an appointment or transaction.

(9)  
Subsections (1) to (8) have no effect until the end of the 3-month period that begins at the commencement of this section.

Note:

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


 

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