Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p19
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 46994–49488

as to any of the matters specified in paragraph (1) (a) or (b) or (2) (a) or (b), make an order cancelling, or suspending for a specified period, the registration of the person as an auditor or as a liquidator, as the case may be, and, where the Board makes such an order, the order shall, for the purposes of this Subdivision, be deemed to have been made under sub-section (1) or (2), as the case may be.
"(7) Where, on an application by the Commission for a person who is registered as an auditor, as a liquidator or as a liquidator of a specified corporation to be dealt with under this section, the Board is satisfied that the person has failed to carry out or perform adequately and properly any of the duties or functions mentioned in paragraph (1) (b), (2) (b) or (3) (b), as the case may be, or is otherwise not a fit and proper person to remain registered as an auditor, liquidator or liquidator of that corporation, as the case may be, the Board may, in addition to or instead of cancelling or suspending the registration of the person as an auditor, liquidator or liquidator of that corporation, as the case may be, deal with the person in one or more of the following ways:
     (a) by imposing on the person a penalty not exceeding $5,000;
     (b) by admonishing or reprimanding the person;
     (c) by requiring the person to give an undertaking to engage in, or to refrain from engaging in, specified conduct,
and, if a person fails to give an undertaking when required to do so under paragraph (c), or contravenes or fails to comply with an undertaking given pursuant to a requirement under that paragraph, the Board may, by order, cancel, or suspend for a specified period, the registration of the person as an auditor, as a liquidator or as a liquidator of a specified corporation, as the case may be.
"(8) The amount of a penalty imposed on a person under sub-section (7) may be recovered in a court of competent jurisdiction as a debt due to the Commonwealth.
"(9) The Board may exercise any of its powers under this Subdivision in relation to a person as a result of conduct engaged in by the person whether or not that conduct constituted or might have constituted an offence, and whether or not any proceedings have been brought or are to be brought in relation to that conduct.
"(10) This section has effect subject to section 30e.

Hearings
"30e. (1) The Board may, at a meeting of the Board, hold a hearing for the purpose of the performance of its functions, or the