Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1311C

  (1)   The penalty applicable to an offence committed by a body corporate is:

  (a)   for an offence for which a fine is the only penalty specified--the fine specified multiplied by 10; and

  (b)   for an offence for which a term of imprisonment is the only penalty specified--the fine worked out under this section.

  (2)   If:

  (a)   a term of imprisonment is the only penalty specified for an offence; and

  (b)   the term of imprisonment is less than 10 years;

the fine mentioned in paragraph   (1)(b) is the number of penalty units worked out using the individual fine formula, multiplied by 10.

  (3)   If:

  (a)   a term of imprisonment is the only penalty specified for an offence; and

  (b)   the term of imprisonment is 10 years or more;

the fine mentioned in paragraph   (1)(b) is the greatest of:

  (c)   45,000 penalty units; and

  (d)   if the court can determine the benefit derived and detriment avoided because of the offence--that amount multiplied by 3; and

  (e)   10% of the annual turnover of the body corporate for the 12 - month period ending at the end of the month in which the body corporate committed, or began committing, the offence .

  (4)   This section applies in relation to an offence committed by a body corporate unless there is a contrary intention under this Act in relation to the penalty applicable to the offence. In that case, the penalty applicable is the penalty specified for the offence.

Note:   The following are examples of cases in which a penalty is specified that would indicate a contrary intention:

(a)   subsection   1211B(3), which specifies a penalty for a body corporate;

(b)   the table item in Schedule   3 relating to subsection   794D(3), which specifies a penalty for each day, or part of a day, in respect of which an offence is committed;

(c)   a regulation made under paragraph   1364(2)(w) prescribing a penalty for a body corporate for a contravention of the regulations.