Section 823B(3) of the Corporations Act 2001 (Cth) is ‘Minister’s Power to Require Special Report’ and is extracted below.
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Section 823B(3) of the Corporations Act 2001 (Cth) is Minister’s Power to Require Special Report and reads as follows:
Minister’s Power to Require Special Report
(3) The licensee must give the special report, and audit report (if any), to ASIC within the time required by the notice.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
The maximum penalty for the offence of Minister’s Power to Require Special Reportis:
2 years imprisonment.
However, it should be kept in mind that maximum penalties are reserved for the most serious cases.
Your legal team will be able to advise you of the essential elements the prosecution would need to prove in order to establish the offence, whether those elements are capable of being established in your particular situation, the most effective and efficient way forward and the likely outcome.