Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:2_53
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 2 cl 53
Character Range: 51540–52420

53  Subsection 63(4)
Repeal the subsection, substitute:

 (4) A foreign ADI is guilty of an offence if:
 (a) there is a proposal that involves the ADI:
 (i) entering into an arrangement or agreement for any sale or disposal of its business by amalgamation or otherwise, or for the carrying on of business in partnership with another ADI; or
 (ii) effecting a reconstruction of the ADI; and
 (b) the ADI does not give the Treasurer reasonable notice, in writing, of the proposal.

Maximum 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.

 (4A) An offence against subsection (4) is an indictable offence.