Commonwealth Consolidated Acts

PAYMENT SYSTEMS AND NETTING ACT 1998 - SECT 7

  (1)   A participant in an approved RTGS system must notify the system administrator if:

  (a)   the participant; or

  (b)   another participant whose transactions the participant settles through the system;

goes into external administration. The participant must give the notice as soon as practicable after the participant becomes aware of the external administration.

  (2)   A person does not contravene subsection   (1) if:

  (a)   they took reasonable steps to comply with that subsection; or

  (b)   the system administrator was already aware of the external administration by the time the person was required to notify the administrator under subsection   (1).

  (3)   A person must not contravene subsection   (1).

Penalty:   Imprisonment for 5 years.