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PROCEEDS OF CRIME (MISCELLANEOUS AMENDMENTS) ACT 1987 No. 73, 1987 - SECT 12
How paid cheque to be dealt with
12. Section 68 of the Principal Act is amended:
(a) by inserting in paragraph (3) (a) "relevant" before "cheque" (first
occurring);
(b) by omitting from subsection (3) all the words from and including "as the
case requires" and substituting the following: "as the case requires (in
subsections (4) and (5) referred to as the 'relevant financial institution'),
shall, subject to subsection (4), retain the cheque, or a copy of the cheque,
on behalf of the drawee bank, for the period ending 7 years after the date of
the cheque.";
(c) by inserting after subsection (3) the following subsections:
"(3A) Where a bank obtains possession of a relevant cheque drawn on the bank,
the bank:
(a) shall, subject to subsection (5), retain the cheque; or
(b) shall retain a copy of the cheque; for the period ending 7 years after
the date of the cheque.
"(3B) Where a bank, pursuant to a request under subsection (4), obtains
possession of a copy of a relevant cheque drawn on the bank, the bank shall
retain a copy of the cheque for the period ending 7 years after the date of
the cheque.";
(d) by inserting in subsection (4) ", or a copy of the cheque," after "while
the cheque";
(e) by inserting in subsection (4) "on behalf of the drawee bank" after
"institution" (first occurring);
(f) by inserting in subsection (4) "or otherwise" after "subsection (3)";
(g) by inserting in subsection (4) ", or the copy," after "deliver up the
cheque";
(h) by omitting subsection (5) and substituting the following subsection:
"(5) Nothing in this section shall be taken to affect:
(a) any right that a person (including the drawer) has, against the drawee
bank or relevant financial institution, to possession of the cheque;
or
(b) any obligation that the relevant financial institution would have,
apart from this section, to retain the cheque."; and
(j) by adding at the end the following subsections:
"(7) A financial institution that fails to retain a cheque, or a copy of a
cheque, as required by subsection (3), (3A) or (3B), is guilty of an offence
against this section punishable, upon conviction, by a fine not exceeding
$10,000.
"(8) A reference in this section to the date of a cheque is, in the case of a
cheque that is undated, a reference to the date of issue of the cheque.
"(9) In this section:
'copy', in relation to a cheque, includes a document in which there is
recorded the information contained in the cheque;
'public authority' means an authority or body, whether a body corporate or
not, established or incorporated for a public purpose by a law of the
Commonwealth or of a State and includes a body corporate incorported under a
law of the Commonwealth or of a State being a body corporate in which the
Commonwealth or a State has a controlling interest;
'relevant cheque' means a cheque other than:
(a) a cheque drawn by a public authority; or
(b) a cheque whose amount does not exceed $200 or such higher amount as is
specified by the regulations for the purposes of this definition;
'State' includes the Northern Territory.".
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