Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 16E

Offence--person knows the information is false or misleading etc.

             (1)  A person commits an offence if:

                     (a)  the person is an employee or officer of a body corporate that is an ADI or authorised NOHC; and

                     (b)  the person gives information, or allows information to be given, to an auditor of the body corporate; and

                     (c)  the information relates to the affairs of the body corporate; and

                     (d)  the person knows that the information:

                              (i)  is false or misleading in a material particular; or

                             (ii)  is missing something that makes the information misleading in a material respect.

Penalty:  Imprisonment for 5 years or 200 penalty units, or both.

Offence--person fails to ensure the information is not false or misleading etc.

             (2)  A person commits an offence if:

                     (a)  the person is an employee or officer of a body corporate that is an ADI or authorised NOHC; and

                     (b)  the person gives information, or allows information to be given, to an auditor of the body corporate; and

                     (c)  the information relates to the affairs of the body corporate; and

                     (d)  the information:

                              (i)  is false or misleading in a material particular; or

                             (ii)  is missing something that makes the information misleading in a material respect; and

                     (e)  the person did not take reasonable steps to ensure that the information:

                              (i)  was not false or misleading in a material particular; or

                             (ii)  was not missing something that makes the information misleading in a material respect.

Penalty:  Imprisonment for 2 years or 100 penalty units, or both.

Determining whether information is false or misleading

             (3)  If information is given to the appointed auditor in response to a question asked by the appointed auditor, the information and the question must be considered together in determining whether the information is false or misleading.