Document ID: chunk:federal_register_of_legislation:C2020C00336:section:22
Version: federal_register_of_legislation:C2020C00336
Segment Type: section
Provision Reference: s 22
Character Range: 22762–24173

22  Holder of stored value must be an ADI or be authorised or exempted under this Part
 (1) A constitutional corporation commits an offence if:
 (a) it is the holder of the stored value of a purchased payment facility; and
 (b) it is not an authorised deposit‑taking institution, within the meaning of the Banking Act 1959; and
 (c) there is no authority or exemption in force under section 23 or 25 that applies to the corporation and the purchased payment facility.
Penalty: 200 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
 (2) If a constitutional corporation is the holder of the stored value of a purchased payment facility in circumstances that give rise to the corporation committing an offence against subsection (1), the corporation commits an offence against that subsection in respect of:
 (a) the day on which the contravention occurs; and
 (b) each subsequent day (if any) on which the contravention continues (including the day of conviction for any such offence or any later day).
Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.