Power of Commissioner to obtain information relating to AFI security bond accounts
95 Power of Commissioner to obtain information relating to AFI security bond accounts
Where a security bond is held in an AFI, the Commissioner may require the AFI to give to the Commissioner such information as the Commissioner requires in relation to an account in which the security bond is held, including information as to the balances of and amounts of interest paid on that account.
A requirement under subsection (1) —
must be given by notice in writing to the AFI; and
must specify the time at or within which the information is to be given; and
may, by its terms, require that the information be —
given in writing; and
certified as correct by a person who is registered as an auditor, or taken to be registered as an auditor, under the Corporations Act 2001 (Commonwealth) Part 9.2 and is specified in the requirement; and
given at or sent or delivered to any place specified in the requirement; and
sent or delivered by any means specified in the requirement; and
given on oath or affirmation or by statutory declaration;
and
must state that the AFI is required under this Act to give the information.
A person must not, without reasonable excuse, refuse or fail to comply with a requirement under subsection (1).
Penalty for this subsection: a fine of $3 000.
A person must not give information in response to a requirement under subsection (1) that the person knows is false or misleading in a material particular.
Penalty for this subsection: a fine of $3 000.
It is a defence in proceedings for an offence against subsection (3) for the person to show that —
the notice under subsection (2)(a) did not state that the person was required under this Act to give the information; or
the time specified in the requirement did not give the person sufficient notice to enable compliance with the requirement.
Where a person is required to give information under subsection (1), the person cannot refuse to comply with that requirement on the ground that the information may tend to incriminate the person or render the person liable to any penalty.
Despite subsection (6), information given under this section is not admissible in evidence in any proceedings against the person other than proceedings in respect of an offence against subsection (4).
[Section 95 inserted: No. 60 of 2011 s. 86; amended: No. 3 of 2019 s. 25.]
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