22Holder of stored value must be an ADI or be authorised or exempted under this Part

22 Holder of stored value must be an ADI or be authorised or exempted under this Part

(1) A constitutional corporation commits an offence if: (a) it is the holder of the stored value of a purchased payment facility; and (b) it is not an authorised deposit‑taking institution, within the meaning of the Banking Act 1959; and (c) there is no authority or exemption in force under section 23 or 25 that applies to the corporation and the purchased payment facility.

Penalty: 200 penalty units.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

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.

(2) If a constitutional corporation is the holder of the stored value of a purchased payment facility in circumstances that give rise to the corporation committing an offence against subsection (1), the corporation commits an offence against that subsection in respect of: (a) the day on which the contravention occurs; and (b) each subsequent day (if any) on which the contravention continues (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.