Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999
52Subsection 63(1)
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52 Subsection 63(1)
(1) An ADI, other than a foreign ADI, is guilty of an offence if:
(a) the ADI:
(i) enters into an arrangement or agreement for any sale or disposal of its business by amalgamation or otherwise, or for the carrying on of business in partnership with another ADI; or
(ii) effects a reconstruction of the ADI; and
(b) the Treasurer did not give prior consent in writing to the ADI entering into the arrangement or agreement or effecting the reconstruction.
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.
(1A) An offence against subsection (1) is an indictable offence.