Document ID: chunk:federal_register_of_legislation:C2004A02846:body:0:p16
Version: federal_register_of_legislation:C2004A02846
Segment Type: other
Provision Reference: 
Character Range: 38497–41345

corporate with respect to the carrying on of insurance business by the body corporate; and
        (b) vary or revoke directions so given to the body corporate",
    and substituting "give directions to the body corporate with respect to the carrying on of its insurance business";
     (b) by inserting after sub-section (1) the following sub-sections:
    "(1a) Where a direction has been given to a body corporate under sub-section (1) and it appears at any time to the Treasurer that the direction is no longer necessary or should be varied, the Treasurer shall, by notice in writing served on the body corporate, revoke or vary the direction.

    "(1b) Where a body corporate to which a direction has been given under sub-section (1) applies to the Treasurer, by notice in writing, for the direction to be revoked or varied, the Treasurer shall—
        (a) if it appears to him that the direction is no longer necessary or should be varied—revoke or vary the direction; or
        (b) in any other case—refuse to revoke or vary the direction,
    and shall serve on the body corporate notice in writing of his decision.";
     (c) by omitting sub-section (3) and substituting the following sub-section:
    "(3) A body corporate that contravenes or fails to comply with a direction given to it under sub-section (1) is, in respect of each day during which it so contravenes or fails to comply with the direction (including the day of a conviction under this sub-section or any subsequent day), guilty of an offence punishable on conviction by a fine not exceeding $20,000."; and
     (d) by adding at the end thereof the following sub-sections:
    "(6) Part VI applies to a decision of the Treasurer under this section made after the commencement of this sub-section.
    "(7) In this section, unless the contrary intention appears, 'direction' includes, where a direction is varied, the direction as varied.".

Power to require production of books
35. Section 115 of the Principal Act is amended by omitting from sub-section (1) "is complying" and substituting "has complied, or is complying,".

Inspection of Register, accounts and auditors' certificates
36. Section 123 of the Principal Act is amended—
     (a) by inserting after paragraph (a) the following paragraph:
        "(aa) inspect an auditor's certificate lodged with the Commissioner under section 48;"; and
     (b) by inserting in paragraph (c) "auditor's certificate," after "such an".

Annual report
37. Section 125 of the Principal Act is amended by omitting sub-section (2).

Offences
38. Section 128 of the Principal Act is amended by omitting sub-section (1) and substituting the following sub-section:
"(1) Where a body corporate is guilty of an offence against sub-section 21 (2), section 22, sub-section 31 (3f) or 37 (6), section 40, 44 or 48, sub-section 51 (5),