133Income or other distribution received by target body

133 Income or other distribution received by target body

(1) A body corporate contravenes this subsection if:

(a) the body is the target body; and

(b) the body receives any income or other distribution after a certificate of transfer comes into force; and

(c) the income or distribution arises from assets transferred to the receiving body under this Division; and

(d) the target body fails to promptly account to the receiving body for the income or distribution.

Fault‑based offence

(2) A body corporate commits an offence if the body corporate contravenes subsection (1).

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—1,200 penalty units; and

(b) for an individual—imprisonment for 12 months or 120 penalty units, or both.

Civil penalty provision

(3) A body corporate is liable to a civil penalty if the body corporate contravenes subsection (1).

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

(b) for an individual—the greater of:

(i) 5,000 penalty units; and

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