Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 38

    If:

  (a)   a person carries out a trigger proposal; and

  (b)   the person did not, before the acquisition or before entering into the arrangement, as the case may be, give to the Minister a notice in accordance with section   17A stating the person's intention to acquire the assets, interests, rights or benefits or to enter into the arrangement, as the case requires; and

  (c)   either:

  (i)   the person knew that the proposal concerned was a trigger proposal; or

  (ii)   the person had reasonable grounds to suspect that the proposal concerned was a trigger proposal but did not make all reasonable efforts to ascertain whether it was a trigger proposal;

the person commits an offence punishable on conviction by imprisonment for a period not exceeding 2 years.

Note:   Subsection   4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection   4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence.