Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999
28Subsection 13(3)
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28 Subsection 13(3)
Information to be supplied if ADI unable, or likely to be unable, to meet obligations (3) An ADI is guilty of an offence if:
(a) the ADI considers that it is likely to become unable to meet its obligations, or that it is about to suspend payment; and
(b) the ADI does not immediately inform APRA of the situation; and
Note 2: 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.
(3A) An offence against subsection (3) is an indictable offence.