Financial Intermediaries Act 1996
sec.216Restrictions on powers
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sec.216 Restrictions on powers
A society must not contravene a restriction imposed on its powers, or about its exercise of its powers, under this Act. If a society contravenes subsection (1) , the society and any officer of the society who is in default each commit an offence. Maximum penalty for subsection (2) —800 penalty units or 4 years imprisonment. (sec.216-ssec.1) A society must not contravene a restriction imposed on its powers, or about its exercise of its powers, under this Act. (sec.216-ssec.2) If a society contravenes subsection (1) , the society and any officer of the society who is in default each commit an offence. Maximum penalty for subsection (2) —800 penalty units or 4 years imprisonment.