(1) This section applies if—
(a) an agreement entered into, or a deed executed, in accordance with section 55EA(1) makes provision for or with respect to a penalty—
(i) for a breach of the agreement or deed constituted by a failure to comply with a transitional obligation; or
(ii) for termination of the agreement or deed; and
(b) that penalty does not exceed 100 penalty units; and
(c) that provision is expressed under the agreement or deed to be a penalty provision for the purposes of this section.
(2) A person is liable to pay, as a debt due to the State, the amount as required by a provision described in subsection (1) despite anything to the contrary in a rule of, or principle at, common law.
(3) In this section—
transitional obligation has the meaning given by section 55EA.
S. 55F (Heading) substituted by No. 7/2023 s. 7(1).
S. 55F inserted by No. 66/2017 s. 7.