Levies for account against certificate holders
115 Levies for account against certificate holders
If at any time the Fidelity Account is, in the opinion of the chief executive officer, not sufficient to satisfy the liabilities of the chief executive officer in relation thereto, the chief executive officer may impose on each holder of a current triennial certificate and each holder of a current certificate of registration, to be credited to the Fidelity Account, a levy of such amount as the chief executive officer thinks fit not exceeding the relevant amount referred to in subsection (2).
The amount of the levy shall not exceed —
in the case of a holder of a current triennial certificate, the sum of $20 in any one year;
in the case of a holder of a current certificate of registration, the sum of $10 in any one year.
The amount of the levy shall become payable on a date and in a manner to be fixed by the chief executive officer, and notice thereof shall be sent by the chief executive officer to each holder of a current triennial certificate and each holder of a current certificate of registration.
A person who fails to comply with any notice sent to him under subsection (3) is guilty of an offence against this Act.
[Section 115 amended: No. 29 of 1982 s. 7; No. 77 of 1984 s. 3; No. 59 of 1995 s. 42; No. 77 of 2006 Sch. 1 cl. 147(2); No. 58 of 2010 s. 107.]
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