Commonwealth Consolidated Acts

FINANCIAL LAWS AMENDMENT ACT 1997 - SCHEDULE 1

1  Subsection 38A(3)

Omit "his discretion, by writing signed by him and", substitute "his or her discretion, by signed writing".

2  Paragraph 39(2)(q)

Omit "$100,000", substitute "1,000 penalty units".

3  Paragraph 42(1)(b)

Omit "him", substitute "that person".

4  Paragraphs 69A(3)(a) and (b)

Repeal the paragraphs, substitute:

                     (a)  if the letter A is set out in column 3 of the table opposite to the reference to the provision in column 1 or 2 ¾ by a fine of not more than 200 penalty units; or

                     (b)  if the letter B is set out in column 3 of the table opposite to the reference to the provision in column 1 or 2 ¾ by a fine of not more than 50 penalty units.

5  At the end of subsection 69A(3)

Add:

Note:          If a body corporate is convicted of an offence, subsection 4B(3) of the Crimes Act 1914 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. Section 4J of that Act allows certain indictable offences to be dealt with summarily with the consent of the prosecutor and the defendant and provides for appropriate fines.

6  Section 69B

Repeal the section.

7  Section 69D

Repeal the section, substitute:

69D   Disclosure of information received under Act prohibited in certain circumstances

                   Section 79A of the Reserve Bank Act 1959 prohibits certain disclosures of information received under this Act.

8  Paragraph 71(1)(a)

Omit "$5,000", substitute "50 penalty units".

9  Paragraph 71(1)(b)

Omit "$25,000", substitute "250 penalty units".