Western Australian Consolidated Acts Western Australian Consolidated Acts (1) A person who,
without the approval of the licensing authority —
(a)
assumes a position of authority in a body corporate that holds a licence; or
(b)
subject to subsection (3), being a shareholder in a proprietary company
that holds a licence, increases or decreases that shareholding,
commits an offence.
Penalty: a fine of $10 000.
(2)
Subsection (1) does not apply to or in relation to an occasional licence.
(3)
Subsection (1)(b) does not apply to a person who is a shareholder in a
proprietary company that holds a licence if —
(a) at
the time the person’s shareholding in the proprietary company changes,
the occupation by the person of a position of authority in the proprietary
company has been approved by the licensing authority under section 33(5);
and
(b) the
person gives the licensing authority written notice of the change in the
person’s shareholding within 14 days after the change occurs.
(4) If a person is
convicted of an offence under subsection (1) in relation to a body
corporate (including a proprietary company) that holds a licence, the body
corporate is to be taken to have also committed an offence and is liable to
the penalty provided for in that subsection.
[Section 102 amended by No. 73 of 2006
s. 70 and 110; No. 56 of 2010 s. 69.]