Banking Act 1959
View history note
Hide history noteA person commits an offence if:
(a) the person is a disqualified person; and
(b) the person is or acts as one of the following:
(i) a director or senior manager of an ADI (other than a foreign ADI);
(ii) a senior manager of the Australian operations of a foreign ADI;
(iii) a director or senior manager of an authorised NOHC;
(iv) an auditor of an ADI or an authorised NOHC; 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).
Penalty: Imprisonment for 2 years.
(2)
A person commits an offence if:
(a) the person is a disqualified person; and
(b) the person is or acts as one of the following:
(i) a director or senior manager of an ADI (other than a foreign ADI);
(ii) a senior manager of the Australian operations of a foreign ADI;
(iii) a director or senior manager of an authorised NOHC;
(iv) an auditor of an ADI or an authorised NOHC; 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).
Penalty: 60 penalty units.
(3)
An offence against subsection (2) is an offence of strict liability.
Note:
For strict liability , see section 6.1 of the Criminal Code .
(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.
(6)
An offence against subsection (5) is an offence of strict liability.
Note:
For strict liability , see section 6.1 of the Criminal Code ,
(7)
(Repealed by No 25 of 2008)
(8)
A failure to comply with this section does not affect the validity of an appointment or transaction.
(9)
Subsections (1) to (8) have no effect until the end of the 3-month period that begins at the commencement of this section.
Note:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
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