37Subsection 33(4)

37 Subsection 33(4)

(4) An ADI is guilty of an offence if:

(a) the ADI receives a notice under subsection (1); and

(b) the ADI does not comply with the notice within:

(i) 7 days after receiving the notice; or

(ii) if a longer period for compliance is specified by the Reserve Bank—the period so specified; 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.

(4A) An offence against subsection (4) is an indictable offence. (4B) If an ADI does or fails to do an act in circumstances that give rise to the ADI committing an offence against subsection (4), the ADI 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 ADI 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.