Document ID: chunk:federal_register_of_legislation:C2010C00224:clause:1_3
Version: federal_register_of_legislation:C2010C00224
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 11685–13666

3  Subsections 19(4) and (5)
Repeal the subsections, substitute:

 (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.