Document ID: chunk:federal_register_of_legislation:C2004A03064:body:0:p4
Version: federal_register_of_legislation:C2004A03064
Segment Type: other
Provision Reference: 
Character Range: 7573–10275

under sub-section (4) (including such an instrument that has previously been varied under sub-section (5))";
    (n) by omitting from sub-section (9) "Penalty: One thousand dollars."; and
    (o) by adding at the end the following sub-sections:
   "(10) Notwithstanding sub-section 8 (10), where a person has an interest in a share by reason only that the person is an associate of another person and, in the opinion of the Treasurer, the first-mentioned person's control of, or capacity to influence, the voting power in respect of the share is, and is likely to remain, insignificant, the Treasurer may, of the Treasurer's own motion or after application made by the person, by notice in writing given to the person, declare that the person's interest in the share shall be disregarded for the purposes of the application of this section in relation to the person.
   "(11) The Treasurer may, by notice in writing given to a person, revoke a declaration under sub-section (10) in relation to the person as from a day specified in the notice, not being a day earlier than 3 months after the day on which the notice is given.

   "(12) A person who fails to comply with sub-section (1), (2d) or (3) is guilty of an offence punishable, on conviction, by a fine not exceeding—
     (a) if the offender is a natural person—$ 10,000; or
     (b) if the offender is a body corporate—$50,000.
   "(13) A person who contravenes sub-section (9) is guilty of an offence punishable, on conviction, by a fine not exceeding—
     (a) if the offender is a natural person—$5,000; or
     (b) if the offender is a body corporate—$25,000.
   "(14) In this section, 'relevant officer', in relation to a corporation that has an interest in one or more voting shares of a bank, means an officer of the corporation who has an interest in one or more voting shares of the bank by reason only of the application to the officer of paragraph 9 (3) (a) in relation to the corporation.".

Repeal of section 11
7. Section 11 of the Principal Act is repealed.

Powers of court with respect to defaulting substantial shareholders
8. Section 12 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "sub-section (1), (2) or (3) of section 10 of this Act" and substituting "sub-section 10 (1), (2d) or (3)";
     (b) by inserting in sub-section (1) "or Territory" after "State";
     (c) by omitting sub-section (7) and substituting the following sub-section:
    "(7) A person who contravenes or fails to comply with an order under this section that is applicable to the person is guilty of an offence punishable, on conviction, by a fine not exceeding—
       (a) if the offender is a natural person—$5,000; or