Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p98
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 241785–244615

or imprisonment for 1 year." and substituting "Penalty: $5,000 or imprisonment for 1 year, or both.".

Prohibition of dealings in securities by insiders
146. Section 128 of the Principal Act is amended—
     (a) by omitting from sub-section (6) "sub-section (7)" and substituting "sub-sections (7) and (7a)";
     (b) by inserting after sub-section (7) the following sub-section:
     "(7a) A body corporate is not precluded by sub-section (6) from dealing in securities of another body corporate at any time by reason only of information in the possession of an officer of that first-mentioned body corporate, being information that was obtained by the officer in the course of the performance of his duties as an officer of that first-mentioned body corporate and that relates only to proposed dealings by that first-mentioned body corporate in securities of that other body corporate."; and
(c) by omitting from paragraph (11) (b) "the property or any part of the".

147. After section 141 of the Principal Act the following section is inserted:

Penalty notices
"141a. (1) Where the Commission has reason to believe that a person has, whether before or after the commencement of section 147 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