Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999
53Subsection 63(4)
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53 Subsection 63(4)
(4) A foreign ADI is guilty of an offence if:
(a) there is a proposal that involves the ADI:
(i) entering 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) effecting a reconstruction of the ADI; and
(b) the ADI does not give the Treasurer reasonable notice, in writing, of the proposal.
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.