74Notification of appointment of external administrator of related body corporate of designated entity

74 Notification of appointment of external administrator of related body corporate of designated entity

(1) A body corporate contravenes this subsection if:

(a) the body corporate is a designated entity; and

(b) the designated entity becomes aware that a person is considering appointing, or has appointed, an external administrator of a body corporate that is a related body corporate of the designated entity and is incorporated in Australia; and

(c) the designated entity fails to give a written notice to the Reserve Bank, or to do so in the approved form (if any), of that matter as soon as practicable after becoming aware of it.

Strict liability offence

(2) A person commits an offence of strict liability if the person 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—600 penalty units; and

(b) for an individual—60 penalty units.

Civil penalty provision

(3) A person is liable to a civil penalty if the person 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.