Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:2_28
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 2 cl 28
Character Range: 28427–29317

28  Subsection 13(3)
Repeal the subsection, substitute:

Information to be supplied if ADI unable, or likely to be unable, to meet obligations

 (3) An ADI is guilty of an offence if:
 (a) the ADI considers that it is likely to become unable to meet its obligations, or that it is about to suspend payment; and
 (b) the ADI does not immediately inform APRA of the situation; and
 (c) there is no order in force under section 11 determining that this subsection does not apply to the ADI.

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.

 (3A) An offence against subsection (3) is an indictable offence.