Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) On application by APRA, the Federal Court of Australia may, by order, disqualify a person from being or acting as someone referred to in subsection (2), for a period that the Court considers appropriate, if the Court is satisfied that:
(a) the person is not a fit and proper person to be or act as such a person; and
(b) the disqualification is justified.
(2) For the purposes of subsection (1), the Court may disqualify a person from being or acting as a director, principal executive officer, appointed actuary or auditor of:
(a) a particular company, or body corporate, registered under this Act; or
(b) a class of companies, or bodies corporate, registered under this Act; or
(c) any company, or body corporate, registered under this Act.
(3) In deciding whether it is satisfied as mentioned in paragraph (1)(a), the Court may take into account:
(a) any matters specified in the regulations for the purposes of this paragraph; and
(b) any criteria for fitness and propriety specified in the prudential standards; and
(c) any other matters the Court considers relevant.
(4) In deciding whether the disqualification is justified as mentioned in paragraph (1)(b), the Court may have regard to:
(a) if the application is for the person to be disqualified from being or acting as a director or principal executive officer--the person's conduct in relation to the management, business or property of any corporation; and
(b) if the application is for the person to be disqualified from being or acting as an appointed actuary or auditor--the person's conduct in relation to the functions or duties of an actuary or auditor under this Act; and
(c) in any case--any other matters the Court considers relevant.
(5) As soon as practicable after the Court disqualifies a person under this section, APRA must cause particulars of the disqualification:
(a) if the person is, or is acting as, a director, principal executive officer, appointed actuary or auditor of a company, or body corporate, registered under this Act--to be given to the company, or body corporate, concerned; and
(b) to be published in the Gazette .