(1) If, in the opinion
of the Authority, a corporation fails to comply with the obligation in
section 54A(2), the Authority may, subject to subsection (2), do one or more
of the following —
(a)
serve a letter of reprimand on the corporation; or
(b)
order the corporation to pay a monetary penalty fixed by the Authority but not
exceeding $100 000.
(2) The Authority is
not to take action under subsection (1)(b) unless the Authority has —
(a)
notified the corporation of the proposed action and the reasons for it; and
(b)
given the corporation a reasonable opportunity to make submissions on the
matter.
(3) The Authority may
recover a penalty imposed under subsection (1)(b) in a court of competent
jurisdiction as a debt due by the corporation to the State.
[Section 54B inserted: No. 18 of 2005 s. 139.]
[ 55, 56. Deleted: No. 18 of 2005 s. 139.]