57Representative officers etc. of financial institutions

57 Representative officers etc. of financial institutions

(1A) A financial institution that carries on a business in Australia that includes the keeping of accounts that may be drawn on by cheque: (a) may appoint an officer or officers of the institution to be a representative officer or representative officers of the institution for the purposes of this Act; and (b) unless exempted by the Commissioner, shall ensure that, at all times after the end of one month after the commencement of this subsection, or after the day on which the institution commences to carry on that business in Australia, whichever is the later, there is at least one officer who holds an appointment as such a representative officer. (1B) A financial institution that contravenes subsection (1A) is, in respect of each day on which it contravenes that subsection (including the day of a conviction of an offence against this subsection or any subsequent day), guilty of an offence punishable on conviction by a fine not exceeding $50. (2) Where a financial institution appoints, or terminates the appointment of, an officer of the financial institution as a representative officer of the financial institution for the purposes of this Act, the financial institution shall, not later than 7 days after the day of the appointment or termination, notify the Commissioner in writing: (a) in the case of an appointment—of the name of the officer appointed and an address at which documents may be served on that officer; and (b) in the case of a termination of appointment—of that fact; and, if the financial institution refuses or fails so to notify the Commissioner within those 7 days, the financial institution is, in respect of each subsequent day until it so notifies the Commissioner (including the day of a conviction of an offence against this subsection or any subsequent day), guilty of an offence punishable on conviction by a fine not exceeding $50. (3) A financial institution may at any time notify the Commissioner in writing of a new address at which documents may be served on a representative officer of the financial institution in lieu of the address previously notified under this section. (4) A document purporting to be a return furnished by a financial institution under this Act shall be deemed not to be such a return unless: (a) the document is signed either by a representative officer of the financial institution or: (i) in a case to which subparagraph (ii) does not apply—by a senior officer of the financial institution; or (ii) if the document relates to a branch or branches of the financial institution—by a senior officer of the financial institution or a senior officer of the branch or one of the branches to which the document relates; and (b) the document specifies an address at which documents relating to the document may be served on the financial institution. (5) Without prejudice to any other method of service of a document on a financial institution, a document shall be deemed for the purposes of this Act or the regulations to have been served on a financial institution if the document was: (a) delivered, or sent by post, to a representative officer of the financial institution at the address, or the latest address, as the case may be, notified to the Commissioner in relation to that officer under this section; or (b) in the case of a document relating to a return—delivered, or sent by post, to the financial institution at the address for service specified in the return.