Banking Act 1959
An ADI is liable to a pecuniary penalty if:
(a) the ADI contravenes its obligations under this Part (other than this Division); and
(b) the contravention relates to prudential matters. (2)
The amount of the pecuniary penalty is an amount not exceeding:
(a) if the ADI is a large ADI - 1,000,000 penalty units; or
(b) if the ADI is a medium ADI - 250,000 penalty units; or
(c) if the ADI is a small ADI - 50,000 penalty units. (3)
The Minister may, by legislative instrument, determine:
(a) the kinds of ADIs that are large ADIs; and
(b) the kinds of ADIs that are medium ADIs; and
(c) the kinds of ADIs that are small ADIs. (4)
In determining the pecuniary penalty, the Federal Court of Australia must have regard to the impact that the penalty would have on the viability of the ADI. (5)
Subsection (4) does not limit subclause 1(3) of Schedule 2 . (6)
This section is a civil penalty provision.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.