Document ID: chunk:federal_register_of_legislation:C2010C00224:clause:1_2
Version: federal_register_of_legislation:C2010C00224
Segment Type: clause
Provision Reference: sch 1 cl 2
Character Range: 10333–11685

2  Subsections 19(1) and (2)
Repeal the subsections, substitute:

 (1) A person commits an offence if:
 (a) the person is a disqualified person; and
 (b) the person is or acts as one of the following:
 (i) a director or senior manager of an ADI (other than a foreign ADI);
 (ii) a senior manager of the Australian operations of a foreign ADI;
 (iii) a director or senior manager of an authorised NOHC;
 (iv) an auditor of an ADI or an authorised NOHC; 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).

Penalty: Imprisonment for 2 years.

 (2) A person commits an offence if:
 (a) the person is a disqualified person; and
 (b) the person is or acts as one of the following:
 (i) a director or senior manager of an ADI (other than a foreign ADI);
 (ii) a senior manager of the Australian operations of a foreign ADI;
 (iii) a director or senior manager of an authorised NOHC;
 (iv) an auditor of an ADI or an authorised NOHC; 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).

Penalty: 60 penalty units.