Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 19

  (1)   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:   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 .

  (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.