"disciplinary action" means any one or more of the following actions in
relation to a licence--
(a) the cancellation or suspension of the licence,
(b) the imposition on the licensee of a monetary penalty (not exceeding
$1,000,000),
(b1) in the case of a CMS licence--the imposition on
the licensee of a monetary penalty (not exceeding the amount prescribed by the
regulations) and, in the case of a continuing contravention, a further penalty
(not exceeding the amount prescribed by the regulations) for each day the
contravention continues,
(c) the alteration of the conditions of the licence
by the Minister,
(d) the service of a letter of reprimand by the Minister on
the licensee.
(i) is, in the
opinion of the Minister, unlikely to satisfy any criteria for the licence to
come into force within a reasonable time, or
(ii) fails to comply with any
arrangements made for the payment of the amount payable as consideration for
the grant of a CMS licence under section 168, or
(d) fails to comply with a
condition of the licence, or
(e) being a natural person--
(i) becomes
bankrupt, applies to take the benefit of any law for the relief of bankrupt or
insolvent debtors, compounds with his or her creditors or makes an assignment
of his or her remuneration for their benefit, or
(ii) becomes an
incapacitated person and incapable of carrying on the activities authorised by
the licence in accordance with this Act, or
(iii) is convicted of an offence
involving fraud or dishonesty, or
(f) being a corporation--
(i) enters into
or authorises a dealing with or in respect of shares of, or other instruments
issued by, the corporation without the consent in writing of the Minister
that, in the opinion of the Minister, affects the control of the corporation,
or
(ii) becomes an externally administered corporation within the meaning of
the Corporations Act 2001of the Commonwealth, or
(iii) fails to terminate
promptly the employment of a person concerned in the management of
the licensee who is convicted of an offence involving fraud or dishonesty,
the
Minister may serve on the licensee a notice in writing giving the licensee an
opportunity to show cause within 14 days (or such longer period as the
Minister may specify in the notice) why disciplinary action should not be
taken against the licensee on the grounds specified in the notice.
(2A) Despite
subsection (2), the Minister may serve a letter of reprimand on a CMS licensee
on any of the grounds referred to in that subsection without giving
the licensee an opportunity to show cause why that action should not be taken
against the licensee.
(3) The licensee may, within the period allowed by the
notice, arrange with the Minister for the making of submissions to the
Minister as to why disciplinary action should not be taken and the Minister is
to consider any submissions so made.
(4) The Minister may then decide that it
is appropriate that certain disciplinary action be taken against the licensee
and may--
(5) To the extent that this
section authorises disciplinary action to be taken in relation to an offence
committed by the licensee or another person, such action may be taken against
the licensee whether or not the licensee or person has been prosecuted,
convicted or penalised for the offence.
(6) Disciplinary action takes effect
when notice of it is given in writing or on a later date specified in the
notice.
(7) The fact that disciplinary action is taken by the Minister under
this section does not prevent the Minister from taking the same or other
disciplinary action under this section if the contravention continues or a
fresh contravention occurs.
(8) A monetary penalty imposed under this section
may be recovered as a debt due to the Crown in a court of competent
jurisdiction.