Banking Act 1959
An ADI, or a subsidiary of an ADI, contravenes this subsection if:
(a) a person is disqualified under section 37J ; and
(b) the person is or acts as an accountable person of the ADI or subsidiary; and
(c) the person is disqualified from being or acting as an accountable person in the ADI or subsidiary; and
(d) the ADI or subsidiary allows the person to be or act as an accountable person. Fault-based offence (2)
An ADI, or a subsidiary of an ADI, commits an offence if it contravenes subsection (1).
Penalty: 250 penalty units.Strict liability offence (3)
An ADI, or a subsidiary of an ADI, commits an offence of strict liability if it contravenes subsection (1).
Penalty: 60 penalty units.
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