Document ID: chunk:federal_register_of_legislation:C2010C00224:clause:1_32:p1
Version: federal_register_of_legislation:C2010C00224
Segment Type: clause
Provision Reference: sch 1 cl 32 (pt 1/2)
Character Range: 43661–46285

32  Subsections 245(2) to (5)
Repeal the subsections, substitute:

 (2) A person commits an offence if:
 (a) the person is a disqualified person; and
 (b) the person is or acts as:
 (i) a director of a company registered under this Act; or
 (ii) a principal executive officer of a company registered under this Act; or
 (iii) an appointed actuary of a company registered under this Act; or
 (iv) an auditor of a company registered under this Act; and
 (c) for a person who is a disqualified person only because he or she was disqualified under section 245A—the person is disqualified from being or acting as that director, principal executive officer, actuary or auditor (as the case requires).

Penalty: Imprisonment for 2 years.

 (3) A person commits an offence if:
 (a) the person is a disqualified person; and
 (b) the person is or acts as:
 (i) a director of a company registered under this Act; or
 (ii) a principal executive officer of a company registered under this Act; or
 (iii) an appointed actuary of a company registered under this Act; or
 (iv) an auditor of a company registered under this Act; and
 (c) for a person who is a disqualified person only because he or she was disqualified under section 245A—the person is disqualified from being or acting as that director, principal executive officer, actuary or auditor (as the case requires).

Penalty: 60 penalty units.

 (4) Subsection (3) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

 (5) A company commits an offence if:
 (a) the company is registered under this Act; and
 (b) a person is a disqualified person; and
 (c) the person is or acts as:
 (i) a director of the company; or
 (ii) a principal executive officer of the company; or
 (iii) an appointed actuary of the company; or
 (iv) an auditor of the company; and
 (d) for a person who is a disqualified person only because he or she was disqualified under section 245A—the person is disqualified from being or acting as that director, principal executive officer, actuary or auditor (as the case requires); and
 (e) in any case—the company allows the person to be or act as a director, principal executive officer, actuary or auditor (as the case requires).

Penalty: 250 penalty units.

 (5A) A company commits an offence if:
 (a) the company is registered under this Act; and
 (b) a person is a disqualified person; and
 (c) the person is or acts as:
 (i) a director of the company; or
 (ii) a principal executive officer of the company; or
 (iii) an appointed actuary of the company; or
 (iv) an auditor of the company; and
 (d) for a