45Powers of Minister to deal with contravention

45 Powers of Minister to deal with contravention

45 Powers of Minister to deal with contravention

(1) Where the Minister is satisfied that a person holds shares in the Company in contravention of section 41, the Minister may by order in writing served on the person require the contravention to be remedied.

(2) The order shall direct the person to remedy the contravention within a specified period, whether by disposing of shares or by other specified means.

(2A) An order that directs a person to dispose of the shares may also direct that the person pay to the Corporation any realised capital gain on the shares.

(2B) If a person is directed under subsection (2A) to pay to the Corporation any realised capital gain on shares, that amount becomes a debt due to the Corporation on the date on which the direction is given that is recoverable in a court of competent jurisdiction.

(3) If the person fails to comply with the order, the Minister may:

(a) by order in writing served on the Company, direct the Company not to make payment or to defer making payment of a dividend or other sum payable in respect of the shares, and

(b) by order in writing served on any other person, direct the person, for the purpose of securing compliance with an order under this section, to do or refrain from doing a specified act.

(4) An order affecting the dividend or other sums payable in respect of shares may relate to any shares in the shareholding except those which represent 5 per cent of the issued share capital of the Company.

(5) A person shall comply with an order under this section.

Penalty: 500 penalty units.

s 45: Am 1990 No 27, Sch 2 (11); 2002 No 16, Sch 1 [4].