12CAuditor—vacancy

12C Auditor—vacancy

12C Auditor—vacancy

(1) Within 28 days of receiving a rejection notice or termination notice, a licensee must appoint—

(a) the person specified in the notice, or

(b) if no person is specified in the notice—another person.

Maximum penalty for paragraph (a)—

(a) for a corporation—1,000 penalty units and, for a continuing offence, a further 100 penalty units for each day the offence continues, or

(b) for an individual—200 penalty units and, for a continuing offence, a further 20 penalty units for each day the offence continues.

Maximum penalty for paragraph (b)—

(a) for a corporation—250 penalty units and, for a continuing offence, a further 25 penalty units for each day the offence continues, or

(b) for an individual—50 penalty units and, for a continuing offence, a further 5 penalty units for each day the offence continues.

(2) The licensee must give the Secretary written notice of an auditor appointed under subsection (1) no later than 14 days after making the appointment.

(3) The licensee must appoint a person as an auditor within 28 days of there being no auditor for a reason other than a rejection notice or a termination notice.

Maximum penalty—

(a) for a corporation—250 penalty units and, for a continuing offence, a further 25 penalty units for each day the offence continues, or

(b) for an individual—50 penalty units and, for a continuing offence, a further 5 penalty units for each day the offence continues.

(4) In this section—

rejection notice means a notice given under section 12B(1)(a).

termination notice means a notice given under section 12B(1)(b).

s 12C: Ins 2025 (675), Sch 1[7].