141APenalty notices

##### 141A Penalty notices (1) Where the Commission has reason to believe that a person has, whether before or after the commencement of section 147 of the Companies and Securities Legislation (Miscellaneous Amendments) Act 1983, committed a prescribed offence, the Commission may, subject to subsection (2), serve on the person a notice in the prescribed form: (a) alleging that the person has committed the prescribed offence and giving the prescribed particulars in relation to the prescribed offence; (b) setting out the prescribed penalty in respect of the prescribed offence; and (c) stating: (i) in the case of a prescribed offence constituted by a failure to do a particular act or thing: (A) that the obligation to do the act or thing continues notwithstanding the service of the notice or the payment of the prescribed penalty; (B) that if, within the period specified in the notice (being a period that is not less than 21 days), the person pays the prescribed penalty to the authority specified in the notice and does the act or thing, no further action will be taken against the person in relation to the prescribed offence; and (C) that if, at the expiration of the period specified in the notice, the person has not paid the prescribed penalty to the authority specified in the notice or has not done the act or thing, proceedings may be instituted against the person; or (ii) in the case of a prescribed offence, not being an offence constituted by a failure to do a particular act or thing: (A) that if, within the period specified in the notice (being a period that is not less than 21 days), the person pays the prescribed penalty to the authority specified in the notice, no further action will be taken against the person in relation to the prescribed offence; and (B) that if, at the expiration of the period specified in the notice, the person has not paid the prescribed penalty to the authority specified in the notice, proceedings may be instituted against the person. (2) Subsection (1) does not empower the Commission: (a) to serve on a person more than one notice under that subsection in relation to an alleged commission by that person of a particular prescribed offence; or (b) to serve on a person a notice under that subsection in relation to a prescribed offence unless proceedings could be instituted against that person for that offence in accordance with section 34 of the Companies and Securities (Interpretation and Miscellaneous Provisions) Act 1980. (3) A notice under subsection (1) may be served on a natural person either personally or by post. (4) Where a notice under subsection (1) is served on a person in relation to a prescribed offence constituted by a failure to do a particular act or thing: (a) if, within the period specified in the notice, the person pays the prescribed penalty to the authority specified in the notice, and does the act or thing—no proceedings may be instituted against the person in respect of the prescribed offence; (b) if, at the expiration of the period specified in the notice, the person has paid the prescribed penalty to the authority specified in the notice but has not done the act or thing—no proceedings may be instituted against the person in respect of the prescribed offence, but the obligation to do that act or thing continues, and section 142 applies in relation to the continued failure to do that act or thing as if, on the day on which the person so paid the prescribed penalty, he had been convicted of an offence constituted by a failure to do that act or thing; (c) if, at the expiration of the period specified in the notice, the person has not paid the prescribed penalty to the authority specified in the notice but has done the act or thing—proceedings may be instituted against the person in respect of the prescribed offence; or (d) if, at the expiration of the period specified in the notice, the person has not paid the prescribed penalty to the authority specified in the notice and has not done the act or thing—the obligation to do that act or thing continues, and proceedings may be instituted against the person in respect of the prescribed offence. (5) Where a notice under subsection (1) is served on a person in relation to a prescribed offence, not being an offence constituted by a failure to do a particular act or thing: (a) if, within the period specified in the notice, the person pays the prescribed penalty to the authority specified in the notice—no proceedings may be instituted against the person in respect of the prescribed offence; or (b) if, at the expiration of the period specified in the notice, the person has not paid the prescribed penalty to the authority specified in the notice—proceedings may be instituted against the person in respect of the prescribed offence. (6) The payment of an amount by a person pursuant to a notice served on the person under this section in relation to a prescribed offence shall not be taken for any purpose to be an admission by that person of any liability in connection with the alleged commission of the prescribed offence. (7) Except as provided by paragraphs (4)(a) and (b) and (5)(a), this section does not affect the operation of any provision of this Act, of the regulations, of the rules or of any other Act in relation to the institution of proceedings in respect of offences that are prescribed offences for the purposes of this section. (8) In this section, authority includes a person.