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

Schedule 2   Amendment of the Banking Act 1959

68   After subsection 69(5)

Insert:

(5A) The ADI is guilty of an offence if:

(a) it does not pay, at the time of the delivery of the statement, the amount specified in the statement, as required by subsection (5); and

(b) there is no order in force under section 11 determining that this subsection does not apply to the ADI.

Maximum penalty: 50 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.