Commonwealth Consolidated Acts

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 22

             (1)  A constitutional corporation is guilty of 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 is guilty of 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.