Document ID: chunk:federal_register_of_legislation:C2023A00068:clause:2_5
Version: federal_register_of_legislation:C2023A00068
Segment Type: clause
Provision Reference: sch 2 cl 5
Character Range: 33266–34373

5  Persons disqualified under BEAR

When this item applies
(1) This item applies in relation to a person if:
 (a) before the banking start time, the person is disqualified from being, or acting as, an accountable person under section 37J of the old Banking Act; and
 (b) the disqualification is in effect immediately before the banking start time.

Persons are taken to be disqualified under FAR
(2) The person is taken, from the banking start time, to be disqualified from being or acting as an accountable person under section 42 of the FAR Act.
(3) For the purposes of subsection 42(2) of the FAR Act, the disqualification applies in accordance with the following table.

Disqualified accountable persons
                                  Column 1                                                                                                  Column 2

Item                              If, before the banking start time, the person is disqualified under the old Banking Act in relation to …  then, from the banking start time, the person is taken to be disqualified under the FAR Act in relation to …