Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:2_52
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 2 cl 52
Character Range: 50623–51540

52  Subsection 63(1)
Repeal the subsection, substitute:

 (1) An ADI, other than a foreign ADI, is guilty of an offence if:
 (a) the ADI:
 (i) enters 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) effects a reconstruction of the ADI; and
 (b) the Treasurer did not give prior consent in writing to the ADI entering into the arrangement or agreement or effecting the reconstruction.

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.

 (1A) An offence against subsection (1) is an indictable offence.