Document ID: chunk:federal_register_of_legislation:C2004C01279:clause:3_40g
Version: federal_register_of_legislation:C2004C01279
Segment Type: clause
Provision Reference: sch 3 cl 40G
Character Range: 89025–89925

40G  Releasing original documents if required by law

 (1) A financial institution is guilty of an offence if:
 (a) before the end of the minimum retention period, it releases the original of a document that, but for paragraph 40F(1)(d), it would be obliged by section 40F to retain; and
 (b) it does not retain a complete copy of the document until one of the following occurs:
 (i) the period ends;
 (ii) the original is returned.

Penalty: 100 penalty units.

 (2) A financial institution is guilty of an offence if it does not maintain a register of documents released as mentioned in paragraph (1)(a).

Penalty: 100 penalty units.

 (3) An offence against this section is an offence of strict liability.

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: This section does not apply to documents relating to certain transferred accounts (see sections 40L and 40P).