(1) The Supreme Court
may order a person to pay a pecuniary penalty of up to $200 000 if —
(a) a
declaration of contravention by the person has been made under section 482B;
and
(b) the
contravention —
(i)
materially prejudices the interests of the co-operative
or its members; or
(ii)
materially prejudices the co-operative’s ability to
pay its creditors; or
(iii)
is serious.
(2) The penalty is a
civil debt payable to the Registrar on behalf of the State.
(3) The Registrar and
the State may enforce the order as if it were an order made in civil
proceedings against the person to recover a debt due from the person.
(4) The debt arising
from the order is taken to be a judgment debt.
[Section 482D inserted: No. 7 of 2016 s. 178.]