122Determination may impose conditions

122 Determination may impose conditions

(1) A determination made under section 118 or 119 that there is to be a transfer may impose conditions of either or both of the following kinds:

(a) conditions to be complied with by the target body or the receiving body before a certificate of transfer is issued in relation to the transfer;

(b) conditions to be complied with by the target body or the receiving body after a certificate of transfer has been issued or has come into force in relation to the transfer.

(2) The Reserve Bank may, in writing, vary or revoke any condition of a determination if the Reserve Bank is satisfied that the variation or revocation is appropriate. Each body to which the condition applies must be given notice of the revocation or variation in writing.

(3) The target body or the receiving body may apply in writing to the Reserve Bank to have a condition of a determination that applies to it varied or revoked.

(4) The Reserve Bank may, by notice in writing given to the body that made the application, approve the variation or revocation if the Reserve Bank is satisfied that the variation or revocation is appropriate. A variation or revocation that is approved by the Reserve Bank has effect accordingly.

(5) A body corporate contravenes this subsection if:

(a) a condition is imposed on the body corporate under subsection (1) in relation to a transfer; and

(b) a certificate issued under section 125 that the transfer is to take effect is not in force; and

(c) the Reserve Bank has not issued a certificate under section 123 that the transfer is not to take effect; and

(d) the body corporate fails to comply with the condition.

Fault‑based offence

(6) A person commits an offence if the person contravenes subsection (5).

Note: An individual can commit an ancillary offence that is either an offence against this subsection or an offence relating to this subsection (see Part 2.4 of the Criminal Code).

Penalty:

(a) for a body corporate—2,000 penalty units; and

(b) for an individual—200 penalty units.

Civil penalty provision

(7) A person is liable to a civil penalty if the person contravenes subsection (5).

Note: An individual may be liable for an ancillary contravention of this civil penalty provision (see section 92 of the Regulatory Powers Act).

Civil penalty:

(a) for a body corporate—the greater of:

(i) 50,000 penalty units; and

(ii) if the court can determine the benefit derived and detriment avoided because of the contravention—that amount multiplied by 3; and