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.