Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 54

Agents for absentee principal winding-up business

54. Agents for absentee principal winding-up business



(1) Where an agent for a principal resident outside Victoria who has been a
financial institution or depositor registered or required to be registered
under this Act has been required by his principal to wind-up the business of
his principal he shall, before taking any steps to wind-up the business,
notify the Commissioner of his intention so to do, and shall set aside such
sum out of the assets of the principal as appears to the Commissioner to be
sufficient to provide for any duty which then is or will thereafter become
payable in respect of the business of the principal.

(2) An agent who, without reasonable excuse, fails to give notice to the
Commissioner or fails to provide for payment of the duty as required by this
section shall be personally liable for any duty which then is or will
thereafter become payable in respect of the business of the principal, and
shall be guilty of an offence.

Penalty: 50 penalty units.

(3) The Commissioner may, in a particular case, for reasons that, in his
discretion, he thinks sufficient, remit the whole or any part of any duty for
which an agent is personally liable pursuant to subsection (2).