Banking Act 1959

Part II - Provisions relating to the carrying on of banking business  

Division 1AA - Authority to be a NOHC of an ADI  

SECTION 11AAB   Breach of authority conditions  

(1)    
A body corporate commits an offence if:

(a) the body corporate does an act or fails to do an act; and

(b) doing the act or failing to do the act results in a contravention of a condition of the body corporate ' s NOHC authority; and

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

Penalty: 300 penalty units.

(2)    
If an individual:

(a) commits an offence against subsection (1) because of Part 2.4 of the Criminal Code ; or

(b) commits an offence under Part 2.4 of the Criminal Code in relation to an offence against subsection (1);

he or she is punishable, on conviction, by a fine not exceeding 60 penalty units.

(3)    
An offence against this section is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .