Banking Act 1959

Pt VIII heading inserted by No 5 of 2018, s 3 and Sch 2 item 8, applicable in relation to investigations that commence on or after 1 July 2018.

Div 1 heading inserted by No 5 of 2018, s 3 and Sch 2 item 8, applicable in relation to investigations that commence on or after 1 July 2018.

S 61(3) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 23, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.

S 61(3) amended by No 154 of 2007, s 3 and Sch 1 items 45 and 46, by substituting " facilities. " for " facilities; and " in para (b)(ii) and repealing para (c), effective 24 September 2007. Para (c) formerly read:

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

S 61(4) repealed by No 154 of 2007, s 3 and Sch 1 item 47, effective 24 September 2007. S 61(4) formerly read:

(4)
Strict liability applies to:

(a) the physical element in subparagraph (3)(b)(ii) that the requirement was made under subsection (2); and

(b) the physical element in paragraph (3)(c) that no orders making determinations of a kind referred to in that paragraph are in force under section 11.

S 61(7) amended by No 11 of 2016, s 3 and Sch 2 item 35, by substituting " a Chapter 5 body corporate " for " an externally-administered body corporate " , effective 1 March 2017.

S 61(7) inserted by No 82 of 2010, s 3 and Sch 1 item 43, effective 27 July 2010.

S 61 substituted by No 116 of 2003, s 3 and Sch 2 item 19, effective 28 November 2003. S 61 formerly read:

APRA may conduct investigations  
(1)
APRA may appoint a person to investigate and report on prudential matters in relation to a body corporate that is an ADI, an authorised NOHC, or a subsidiary of an ADI or an authorised NOHC, if it is satisfied that such a report is necessary. The appointment must be in writing and must specify the prudential matters that are to be the subject of the investigation and report.

(2)
If APRA has appointed a person under this section to investigate and report on prudential matters in relation to a body corporate, the body corporate must give the person access to its books, accounts and documents and must give the person such information and facilities as the person requires to conduct the investigation and produce the report.

(2A)
A body corporate is guilty of an offence if:

(a) under subsection (1), APRA has appointed a person to investigate and report on prudential matters in relation to the body corporate; and

(b) the body corporate:

(i) does not give the person access to its books, accounts and documents; or

(ii) fails to comply with a requirement made under subsection (2) for the provision of information or facilities; and

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

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.

(2B)
If a body corporate does or fails to do an act in circumstances that give rise to the body corporate committing an offence against subsection (2A), the body corporate is guilty of an offence against that subsection in respect of:

(a) the first day on which the offence is committed; and

(b) each subsequent day (if any) on which the circumstances that gave rise to the body corporate committing the offence continue (including the day of conviction for any such offence or any later day).

Note:

This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

(3)
Nothing in this section is intended to limit the operation of any other provision of this Act.