Document ID: chunk:federal_register_of_legislation:C2018A00005:clause:1_37jc
Version: federal_register_of_legislation:C2018A00005
Segment Type: clause
Provision Reference: sch 1 cl 37JC
Character Range: 38688–39499

37JC  Allowing a person disqualified by APRA to act as an accountable person
 (1) An ADI, or a subsidiary of an ADI, contravenes this subsection if:
 (a) a person is disqualified under section 37J; and
 (b) the person is or acts as an accountable person of the ADI or subsidiary; and
 (c) the person is disqualified from being or acting as an accountable person in the ADI or subsidiary; and
 (d) the ADI or subsidiary allows the person to be or act as an accountable person.

Fault‑based offence
 (2) An ADI, or a subsidiary of an ADI, commits an offence if it contravenes subsection (1).
Penalty: 250 penalty units.

Strict liability offence
 (3) An ADI, or a subsidiary of an ADI, commits an offence of strict liability if it contravenes subsection (1).
Penalty: 60 penalty units.

Division 7—Miscellaneous