Commonwealth Numbered Acts

FUTURES INDUSTRY ACT 1986 No. 72 of 1986 - SECT 149

149. (1) Where the Commission has reason to believe that a person has
committed a prescribed offence, the Commission may, subject to sub-section
(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 end 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 end 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) Sub-section (1) does not empower the Commission-

   (a)  to serve on a person more than one notice under that sub-section 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 sub-section 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) Where a notice under sub-section (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 end 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 150 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, the person
        had been convicted of an offence constituted by a failure to do that
        act or thing;

   (c)  if, at the end 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 end 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.

(4) Where a notice under sub-section (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 end 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.

(5) 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.

(6) Except as provided by paragraphs (3) (a) and (b) and (4) (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.

(7) In this section-

"authority" includes a person;

"prescribed offence" means an offence prescribed for the purposes of this
section.