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

Schedule 2   Amendment of the Banking Act 1959

53   Subsection 63(4)

Repeal the subsection, substitute:

(4) A foreign ADI is guilty of an offence if:

(a) there is a proposal that involves the ADI:

(i) entering into an arrangement or agreement for any sale or disposal of its business by amalgamation or otherwise, or for the carrying on of business in partnership with another ADI; or

(ii) effecting a reconstruction of the ADI; and

(b) the ADI does not give the Treasurer reasonable notice, in writing, of the proposal.

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.

(4A) An offence against subsection (4) is an indictable offence.