106Undertakings by licence holder

106 Undertakings by licence holder

106 Undertakings by licence holder

(1) If it appears to the Secretary that a licence holder has, in the course of business, repeatedly engaged in unjust conduct, the Secretary may, with the consent of the Minister—

(a) request the licence holder to execute a deed in terms approved by the Secretary under which the licence holder gives undertakings as to—

(i) the discontinuance of the unjust conduct, and

(ii) the licence holder’s future conduct, and

(iii) the action the licence holder will take to rectify the consequences of the licence holder’s unjust conduct, or

(b) apply to the Tribunal under this Division.

(2) If the Secretary makes a request or application under this section, it is presumed, unless the contrary is proved, that the Secretary does so with the authority of the Minister.

(3) The following actions must not be taken against a licence holder, in respect of conduct the subject of undertakings in a deed approved under this section, if the licence holder observes the undertakings—

(a) disciplinary action under this Act,

(b) an application to the Tribunal for an order under this Division.

(4) A licence holder who executes a deed under this Division must observe the undertakings given by the licence holder in the deed.

Maximum penalty—20 penalty units.

(5) A prosecution for an offence under subsection (4) may be instituted only by the Secretary with the leave of the Tribunal given when making an order under section 108.