Banking Act 1959

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

Division 2AA - Financial claims scheme for account-holders with insolvent ADIs  

Subdivision D - Administration  

SECTION 16AL   Enforcing requirement for assistance or information  

Requirement made of ADI - civil penalty

(1)    
An ADI must comply with a requirement made of it under section 16AJ or subsection 16AK(1) .

Civil penalty: 10,000 penalty units.

Requirement made of ADI - offence

(2)    
An ADI commits an offence if:

(a) it does, or fails to do, an act; and

(b) the doing of the act, or the failure to do the act, results in a contravention of a requirement made of the ADI under section 16AJ or subsection 16AK(1) .

Penalty: 200 penalty units.

(3)    
An offence against subsection (2) is an indictable offence.

Note:

Section 4K (Continuing and multiple offences) of the Crimes Act 1914 applies to an offence against subsection (2) relating to subsection 16AK(1) , so an ADI commits an offence for each day it does not comply with a requirement under that subsection (to give information within a particular time).

Requirement made of ADI - offence by officer

(4)    
An officer (as defined in section 9 of the Corporations Act 2001 ) of an ADI commits an offence if:

(a) the officer fails to take reasonable steps to ensure that the ADI complies with a requirement made of it under section 16AJ or subsection 16AK(1) ; and

(b) the officer ' s duties include ensuring that the ADI complies with the requirement.

Penalty: 50 penalty units.

(5)    

Subsection (4) does not apply to an officer who is a liquidator of the ADI.

Note:

A defendant bears an evidential burden in relation to the matter in subsection (5): see subsection 13.3(3) of the Criminal Code .

(6)    
If an officer of an ADI fails to take reasonable steps to ensure that the ADI complies with a requirement made of it under subsection 16AK(1) in circumstances that give rise to the officer committing an offence against subsection (4) of this section, the officer commits 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 officer committing the offence continue (including the day of conviction for any such offence or any later day).

Note:

This subsection does not affect the application of section 4K of the Crimes Act 1914 to other offences against this Act (including subsection (2)) or the regulations.

Liquidator to comply with requirement made of liquidator

(7)    

A liquidator must comply with a requirement made of the liquidator under section 16AJ or subsection 16AK(1) .

Requirement made of other person - civil penalty

(8)    

(8) A person mentioned in paragraph 16AK(1)(d) must comply with a requirement made of the person under subsection 16AK(1) .

Civil penalty: 200 penalty units.