Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 16

16. Section 1313 of the Corporations Law is amended:
(a) by inserting in paragraph (4)(b) "not" before "done";

   (b)  by omitting subsection (8) and substituting the following subsection:

"(8) In this section:
'authority' includes a person;
'prescribed offence' means:

   (a)  a subsection 1311(5) offence; or

   (b)  an offence against this Law that the regulations prescribe for the
        purposes of this section;
'prescribed penalty', in relation to a prescribed offence in relation to which
the Commission may give, or has given, to a person a notice under subsection
(1), means:

   (a)  if the offence is a subsection 1311(5) offence:

        (i)    if the regulations prescribe in relation to the offence for the
               purposes of this paragraph an amount not exceeding one half the
               amount of the penalty applicable to the offence:

                (A)  if the person is a body corporate - a penalty of five
                     times the amount so prescribed; or

                (B)  otherwise - a penalty of the amount so prescribed; or

        (ii)   otherwise:

                (A)  if the person is a body corporate - a penalty of 1.25
                     times the amount of the penalty applicable to the
                     offence; or

                (B)  otherwise - a penalty of 0.25 times the amount of the
                     penalty applicable to the offence; or Note: Section 1311
                     provides for the penalty applicable to an offence.

   (b)  otherwise - a penalty of the amount that the regulations prescribe in
        relation to the offence;
'subsection 1311(5) offence' means an offence the penalty applicable to which
is provided for by subsection 1311(5).".