Retirement Savings Accounts Act 1997

PART 3 - APPROVAL OF RSA INSTITUTIONS  

SECTION 35   NOTIFICATION OF BREACH OF CONDITIONS  

35(1)   [Notice to APRA]  

An RSA institution must, as soon as practicable, and in any event within 30 days, after becoming aware of a contravention of a condition to which the approval of the RSA institution is subject, give APRA a written notice setting out particulars of the contravention.

35(2)   [Penalty for contravention]  

An RSA institution must not, without reasonable excuse, contravene subsection (1).

Penalty: 250 penalty units.

35(3)   [Strict liability]  

Subsection (2) is an offence of strict liability.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

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