Document ID: chunk:federal_register_of_legislation:C2004C01260:clause:1_55
Version: federal_register_of_legislation:C2004C01260
Segment Type: clause
Provision Reference: sch 1 cl 55
Character Range: 16154–17918

55  Subsections 245(2) and (3)
Repeal the subsections, substitute:

 (2) A disqualified person must not be a director, or the principal executive officer or the appointed actuary, of a company registered under this Act.

Penalty: Imprisonment for 2 years.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence.

 (3) A person is guilty of an offence punishable by imprisonment for a term not longer than 2 years if the person:
 (a) acts as a director, or the principal executive officer or the appointed actuary, of a company registered under this Act; and
 (b) is a disqualified person when he or she so acts.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence.

 (3A) For the purposes of the application of the Criminal Code in relation to subsection (3), paragraph (3)(b) is taken to be the circumstance in which the conduct described in paragraph (3)(a) occurs.