230FNon‑compliance with a direction

230F Non‑compliance with a direction

(1) A life company is guilty of an offence if:

(b) doing, or failing to do, the act results in a contravention of a direction given to it under section 230B.

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 life company does or fails to do an act in circumstances that give rise to the company committing an offence against subsection (1), the company 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 company 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) An officer of a life company is guilty of an offence if:

(a) the officer fails to take reasonable steps to ensure that the company complies with a direction given to it under section 230B; and

(b) the officer’s duties include ensuring that the company complies with the direction, or with a class of directions that includes the direction.

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.

(4) If an officer of a life company fails to take reasonable steps to ensure that the company complies with a direction given to it under section 230B in circumstances that give rise to the officer committing an offence against subsection (3), the officer 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 officer 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.

(5) In this section, officer has the meaning given by section 9 of the Corporations Law.

58 Subsection 236(1) (after paragraph (a) of the definition of reviewable decision)

(aa) a declaration under subsection 12A(1) or 12B(2);

59 Subsection 236(1) (after paragraph (c) of the definition of reviewable decision)