Banking Act 1959
Where the Reserve Bank is satisfied that it is necessary or expedient to do so in the public interest, the Reserve Bank may determine the policy in relation to advances to be followed by ADIs.
(1A)
An ADI commits an offence if:
(a) the Reserve Bank has made a determination under subsection (1) of a policy that applies to the ADI; and
(b) the ADI fails to follow the policy.
(c) (Repealed by No 154 of 2007)
Penalty: 200 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
View history note
Hide history note(1B)
An offence against subsection (1A) is an indictable offence.
(2)
Without limiting the generality of subsection (1), the Reserve Bank may give directions as to the classes of purposes for which advances may or may not be made by ADIs.
(2A)
An ADI commits an offence if:
(a) the Reserve Bank has given a direction under subsection (2) that applies to the ADI; and
(b) the ADI fails to comply with the directions.
(c) (Repealed by No 154 of 2007)
Penalty: 200 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
(2B)
An offence against subsection (2A) is an indictable offence.
(3)
Nothing in this section:
(a) authorizes the Reserve Bank to make a determination or give a direction with respect to an advance made, or proposed to be made, to a particular person; or
(b) affects the validity of a transaction entered into in relation to an advance or affects the right of an ADI to recover an advance or enforce the security given in respect of an advance.
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