173Variation or revocation of determinations

173 Variation or revocation of determinations

(1) The Reserve Bank may, in writing, vary a determination made under subsection 172(1) if paragraphs 172(1)(a) and (b) would apply in relation to the determination as varied.

(2) The Reserve Bank may, in writing, revoke a determination made under subsection 172(1).

(3) As soon as practicable after making the variation or revocation, the Reserve Bank must give the body corporate to which the determination relates a copy of the variation or revocation.

(4) As soon as practicable after the Reserve Bank gives the body corporate a copy of the variation or revocation under subsection (3), the body corporate must:

(a) if it is practical to do so—give a copy of the variation or revocation to each person to whom the body corporate gave:

(i) a copy of the determination under paragraph 172(4)(b); or

(ii) a copy of an earlier variation of the determination (if any) under this paragraph; or

(iii) a copy of the determination as previously varied (if applicable) under paragraph (b) of this subsection; and

(b) in the case of a variation that results in additional information being specified in the determination:

(i) take reasonable steps to discover who is covered by paragraphs 174(3)(b) and (c) in relation to the additional information (and is not covered by paragraph (a) of this subsection); and

(ii) if it is practicable to do so—give a copy of the determination, as varied, to each person who the body corporate believes to be so covered.

(5) A body corporate contravenes this subsection if:

(a) the body corporate is given a copy of a variation or revocation under subsection (3); and

(b) the body corporate is required under subsection (4) to take action in relation to the variation or revocation; and

(c) the body corporate fails to comply with the requirement.

Fault‑based offence

(6) A body corporate commits an offence if the body corporate 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—2,400 penalty units; and

(b) for an individual—imprisonment for 2 years or 240 penalty units, or both.

Civil penalty provision

(7) A body corporate is liable to a civil penalty if the body corporate 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).