Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) This section applies if—
(a) a person has applied for a key person licence; and
(b) the application has been refused.
(2) If this section applies, the commission may, by written notice given to the person referred to in subsection (1), require him or her to end the relevant key relationship within the period stated in the notice.
(3) A person shall not, without reasonable excuse, fail to comply with a requirement under subsection (2) within the period stated in the notice.
Maximum penalty: 100 penalty units, imprisonment for 1 year or both.
(4) A person does not incur any liability as a result of action taken to comply with a notice under this section.