Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (25 of 2008)

Schedule 1   Court power of disqualification etc.

Part 1   Amendments commencing on Royal Assent

Banking Act 1959

3   Subsections 19(4) and (5)

Repeal the subsections, substitute:

(4) A body corporate commits an offence if:

(a) a person is a disqualified person; and

(b) the person is or acts as one of the following:

(i) if the body corporate is an ADI (other than a foreign ADI) - a director or senior manager of the body corporate;

(ii) if the body corporate is a foreign ADI - a senior manager of the Australian operations of the body corporate;

(iii) if the body corporate is an authorised NOHC - a director or senior manager of the body corporate;

(iv) if the body corporate is an ADI or an authorised NOHC - an auditor of the body corporate; and

(c) for a person who is a disqualified person only because he or she was disqualified under section 21 - the person is disqualified from being or acting as that director, senior manager or auditor (as the case requires); and

(d) in any case - the body corporate allows the person to be or act as a director, senior manager or auditor (as the case requires).

Penalty: 250 penalty units.

(5) A body corporate commits an offence if:

(a) a person is a disqualified person; and

(b) the person is or acts as one of the following:

(i) if the body corporate is an ADI (other than a foreign ADI) - a director or senior manager of the body corporate;

(ii) if the body corporate is a foreign ADI - a senior manager of the Australian operations of the body corporate;

(iii) if the body corporate is an authorised NOHC - a director or senior manager of the body corporate;

(iv) if the body corporate is an ADI or an authorised NOHC - an auditor of the body corporate; and

(c) for a person who is a disqualified person only because he or she was disqualified under section 21 - the person is disqualified from being or acting as that director, senior manager or auditor (as the case requires); and

(d) in any case - the body corporate allows the person to be or act as a director, senior manager or auditor (as the case requires).

Penalty: 60 penalty units.