THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 9 - MISCELLANEOUS

PART 9.4B - CIVIL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS

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History

Part 9.4B substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

SECTION 1317G   PECUNIARY PENALTY ORDERS  

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1317G(1)  [Power to order payment of penalty]  

A Court may order a person to pay the Commonwealth a pecuniary penalty of up to $200,000 if:

(a)  a declaration of contravention by the person has been made under section 1317E; and

(b)  the contravention:

(i) materially prejudices the interests of the corporation or scheme, or its members; or

(ii) materially prejudices the corporation's ability to pay its creditors; or

(iii) is serious.

1317G(2)  [Civil debt]  

The penalty is a civil debt payable to ASIC on the Commonwealth's behalf. ASIC or the Commonwealth may enforce the order as if it were an order made in civil proceedings against the person to recover a debt due by the person. The debt arising from the order is taken to be a judgment debt.

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History

S 1317G inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

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