16ERestriction on use of expression friendly society

16E Restriction on use of expression friendly society

(1) A body corporate is guilty of an offence if:

(a) it assumes or uses, in Australia, the expression friendly society in relation to a financial business carried on by the body corporate (whether or not in Australia); and

(b) it is not a friendly society; and

(c) APRA did not consent to that assumption or use of that expression.

Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

(2) If a body corporate assumes or uses the expression friendly society in circumstances that give rise to the body corporate committing an offence against subsection (1), the body corporate is guilty of an offence against that subsection in respect of:

(b) each subsequent day (if any) on which the circumstances that gave rise to the body corporate committing the offence continue (including the day of conviction for any such offence or any later day).

Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

(3) A consent may be expressed to apply to a particular body corporate or to bodies corporate included in a class of bodies corporate. (4) APRA may, at any time:

(a) impose conditions, or additional conditions, on a consent; or

(b) vary or revoke conditions imposed on a consent; or

(c) revoke a consent.

(5) The form of the granting of a consent, or the taking of action under subsection (4) in relation to a consent, is to be as follows:

(a) if the consent applies to a particular body corporate—notice in writing served on the body corporate;

(b) if the consent applies to a class of bodies corporate—notice in writing published in the Gazette.

(6) If APRA:

(a) grants a consent; or

(b) takes action under subsection (4) in relation to a consent;

APRA must also give ASIC notice of the granting of the consent or the taking of that action. (7) A body corporate is guilty of an offence if:

(a) it has been given a consent under this section; and

(b) it contravenes a condition to which the consent is subject.

Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.