Commonwealth Consolidated Acts

FINANCIAL ACCOUNTABILITY REGIME ACT 2023 - SECT 44

  (1)   An accountable entity or significant related entity contravenes this subsection if:

  (a)   a person is disqualified under section   42 from being, or acting as, an accountable person of the accountable entity or significant related entity; and

  (b)   the person is, or acts as, an accountable person of the accountable entity or significant related entity; and

  (c)   the accountable entity or significant related entity allows the person to be, or act as, an accountable person.

Note:   An accountable entity may also contravene a civil penalty provision if it fails to ensure that its accountable persons are not prohibited from being accountable persons (see sections   24 and 80).

Fault - based offence

  (2)   An accountable entity or a significant related entity commits an offence if it contravenes subsection   (1).

Penalty:   250 penalty units.

Strict liability offence

  (3)   An accountable entity or a significant related entity commits an offence of strict liability if it contravenes subsection   (1).

Penalty:   60 penalty units.