Western Australian Current Acts Western Australian Current Acts (1) If the Minister,
on the advice of the Commission, is satisfied —
(a) that
a person has contravened section 13(1); or
(b) that
the holder of a probity approval notice is no longer a suitable person to hold
a relevant interest in more than 10% of the voting shares of an approved
company,
and the Minister has
complied with section 16, the Minister may serve the person with a written
notice requiring the person —
(c) to
dispose of as many of the shares as are necessary to reduce the number of
shares in which the person has a relevant interest to not more than 10% of
those voting shares; and
(d) to
do so within the period specified in the notice.
(2) A notice issued to
a person under subsection (1) must be served on the person within 28 days
after the day on which the person was served with a notice under section 16.
(3) A person served
with a notice under subsection (1) must comply with the notice.
Penalty: $30 000.
Penalty for each separate and further offence
committed by the person under section 71 of the Interpretation Act 1984 : $30
000.
(4) If the Minister
issues a notice under subsection (1) the Minister must promptly give the
approved company a copy of the notice.
(5) If the Minister
issues a notice under subsection (1) a report of the matter must be included
in the annual report submitted by the accountable authority of the Commission
under Part 5 of the Financial Management Act 2006 .
[Section 17 inserted: No. 51 of 2003 s. 7;
amended: No. 77 of 2006 Sch. 1 cl. 19.]