Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p91
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 224445–227220

sub-section (2) "acting as a director of, or from being concerned" and substituting "being a director or promoter of, or from being in any way (whether directly or indirectly) concerned in".
121. After section 570 of the Principal Act the following section is inserted:

Penalty notices
"570a. (1) Where the Commission has reason to believe that a person has, whether before or after the commencement of section 121 of the Companies and Securities Legislation (Miscellaneous Amendments) Act 1983, committed a prescribed offence, the Commission may, subject to sub-section (2), serve on the person a notice in the prescribed form—
     (a) alleging that the person has committed the prescribed offence and giving the prescribed particulars in relation to the prescribed offence;
     (b) setting out the prescribed penalty in respect of the prescribed offence; and
     (c) stating—
          (i) in the case of a prescribed offence constituted by a failure to do a particular act or thing—
              (a) that the obligation to do the act or thing continues notwithstanding the service of the notice or the payment of the prescribed penalty;
              (b) that if, within the period specified in the notice (being a period that is not less than 21 days), the person pays the prescribed penalty to the authority specified in the notice and does the act or thing, no further action will be taken against the person in relation to the prescribed offence; and
              (c) that if, at the expiration of the period specified in the notice, the person has not paid the prescribed penalty to the authority specified in the notice or has not done the act or thing, proceedings may be instituted against the person; or

          (ii) in the case of a prescribed offence, not being an offence constituted by a failure to do a particular act or thing—
              (a) that if, within the period specified in the notice (being a period that is not less than 21 days), the person pays the prescribed penalty to the authority specified in the notice, no further action will be taken against the person in relation to the prescribed offence; and
              (b) that if, at the expiration of the period specified in the notice, the person has not paid the prescribed penalty to the authority specified in the notice, proceedings may be instituted against the person.
"(2) Sub-section (1) does not empower the Commission—
     (a) to serve on a person more than one notice under that sub-section in relation to an alleged commission by that person of a particular prescribed offence; or
     (b) to serve on a person a notice under that sub-section in relation to a prescribed offence unless proceedings could be instituted against that person for that offence in accordance