Part 9.4 Divisions 2 Offences generally

Act & Section

Chapter 9 Corporations Act  

Type

Part 9.4 Divisions 2 Offences generally

Process

Penalty provisions

What

An explanation of the penalty provisions and operation in the Corporations Act

Observations

The Corporations Act, in the main, sets out the offence provisions in schedule 3 of the Act. However, there are some specific rules and clarifications set out in the Act. Set out below are some sections which appear late in the Act and provide some guidance.

 s. 1311 General penalty provisions

(1)   A person who:

(a)   Breaches the provisions of this Act; or

(b)   Does not do something that is required to be done by this Act; or

(c)    Otherwise contravenes a provision of this Act;

Is guilty of an offence by virtue of this subsection, unless that or another provision of the Act provide that the person:

(d)   Is guilty of an offence; or

(e)   Is not guilty of an offence.

(1A) Paragraphs (1)(a), (b) and (c) only apply to a provision in the following list if a penalty, pecuniary or otherwise, is set out in Schedule 3 for that provision, or for a provision or provisions in which that provision is included:

(a)  Chapters 2A, 2B and 2C;

(b) Parts 2F.2 and 2F.3;

(c)  Chapters 2G, 2H, 2J, 2M (other than Part 2M.4), 2N, 2P and 5A;

(d)  Parts 5B.1 and 5B.3; (daa) Chapter 5D;

(da) Chapter 6CA;

(dba) Part 6D.3A;

(db) Chapter 7;

(dc) Chapter 8;

(dd) Chapter 8A;

(e)   Chapter 10.

s. 1311A Penalty for committing an offence

A person who commits an offence against this Act is punishable on conviction by a penalty not exceeding that stated in the offence.

s. 1311B Penalty applicable to an individual

Where it is a fine only, the value of the fine stated.

Where a prison sentence only is stated, either the prison sentence or a fine per the formula below.

If a term of imprisonment in the offence is the only punishment stated and the term is less than 10 years

         Term prison sentence expressed in months x 10

There for a 12-month prison sentence would equal a fine of 120 penalty units.

If the only punishment stated is a prison sentence and it is stated as 10 years of more, then the fine would be:

(a)   4,500 penalty units; and

(b)   The value of the benefit or detriment avoided multiplied by 3.

This section applies to individuals unless a contrary intention is stated.