178Obligation to assist the Reserve Bank and certain other persons

178 Obligation to assist the Reserve Bank and certain other persons

(1) A person (the relevant person) contravenes this subsection if:

(a) the relevant person is:

(i) a designated entity; or

(ii) an officer of a designated entity; and

(b) any of the following applies:

(i) the Reserve Bank reasonably requests the relevant person’s assistance in relation to the performance of the Reserve Bank’s functions under Part 6 or 7;

(ii) a statutory manager reasonably requests the relevant person’s assistance in relation to the performance of the statutory manager’s functions under Part 7;

(iii) a person engaged to prepare a report mentioned in subsection 163(2) (which deals with an expert report for acquisition or disposal of assets) reasonably requests the relevant person’s assistance in connection with preparing the report; and

(c) the relevant person fails to comply with the request.

(2) Without limiting paragraph (1)(b), such assistance may include showing the entity’s books or giving other information.

Fault‑based offence

(3) A person commits an offence if the person contravenes subsection (1).

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

(4) A person is liable to a civil penalty if the person contravenes subsection (1).

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.