Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 37JC

             (1)  An ADI, or a subsidiary of an ADI, contravenes this subsection if:

                     (a)  a person is disqualified under section 37J; and

                     (b)  the person is or acts as an accountable person of the ADI or subsidiary; and

                     (c)  the person is disqualified from being or acting as an accountable person in the ADI or subsidiary; and

                     (d)  the ADI or subsidiary allows the person to be or act as an accountable person.

Fault-based offence

             (2)  An ADI, or a subsidiary of an ADI, commits an offence if it contravenes subsection (1).

Penalty:  250 penalty units.

Strict liability offence

             (3)  An ADI, or a subsidiary of an ADI, commits an offence of strict liability if it contravenes subsection (1).

Penalty:  60 penalty units.