73Application for declaration and order requiring surrender of certificates

73 Application for declaration and order requiring surrender of certificates

(1) If certificates are not surrendered in accordance with a certificate surrender notice, the ESC may apply to a court for—

(a) a declaration that a registered person or nominated person has breached an undertaking given by that person under Division 1, 3 or 9 of Part 2; and

(b) an order requiring the registered person or nominated person to surrender to the ESC the number of certificates specified in the order.

(2) If the court is satisfied that the registered person or nominated person has breached the undertaking given by the person under Division 1, 3 or 9 of Part 2, the court may—

(a) make the declaration sought; and

(b) order the registered person or nominated person to surrender to the ESC the number of certificates specified in the order within the time specified in the order.

(3) A certificate surrendered in accordance with an order made under this section is not to be counted toward a person's compliance with section 61.

(4) To avoid doubt, it is not an excuse for a failure to comply with an order under this section that the person who is the subject of the order is not, at the time the order is made, the registered owner of a sufficient number of certificates to comply with the order.

Division 3—Surrender of additional certificates following improper creation of certificates