Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 40

                   If:

                     (a)  a person carries out a trigger proposal; and

                     (b)  the Minister did not give a go‑ahead decision in relation to the proposal before the relevant acquisition occurred or the relevant arrangement was entered into;

the person commits an offence punishable on conviction by imprisonment for a period not exceeding 2 years.

Note:          Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence.