Banking Act 1959
View history note
Hide history noteA non-ADI lender commits an offence if:
(a) it does, or fails to do, an act; and
(b) doing, or failing to do, the act results in a contravention of a direction given to it under section 38K .
Penalty: 50 penalty units.
Note:
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.
(2)
If a non-ADI lender does or fails to do an act in circumstances that give rise to the non-ADI lender committing an offence against subsection (1), the non-ADI lender 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 non-ADI lender committing the offence continue (including the day of conviction for any such offence or any later day).
Note:
This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.
(3)
An officer of a non-ADI lender commits an offence if:
(a) the officer fails to take reasonable steps to ensure that the non-ADI lender complies with a direction given to it under section 38K ; and
(b) the officer ' s duties include ensuring that the non-ADI lender complies with the direction, or with a class of directions that includes the direction.
Penalty: 50 penalty units.
Note:
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.
(4)
If an officer of a non-ADI lender fails to take reasonable steps to ensure that the non-ADI lender complies with a direction given to it under section 38K in circumstances that give rise to the officer committing an offence against subsection (3), 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 is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.
(5)
In this section, officer has the meaning given by section 9 of the Corporations Act 2001 .
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