New South Wales Consolidated Acts

LAND AND PROPERTY INFORMATION NSW (AUTHORISED TRANSACTION) ACT 2016 - SECT 16

16 Penalty provision in authorised concession arrangements

(1) The authorised concession arrangements may include provision (a
"penalty provision" ) that requires the authorised operator to pay a penalty for a failure by the authorised operator to comply with an obligation under the authorised concession arrangements.

(2) A penalty for which a penalty provision provides may be a specified amount, an amount calculated or determined in a specified manner, or an amount determined by the Registrar-General and not exceeding a specified maximum amount or a maximum amount calculated or determined in a specified manner.

(3) A penalty provision is lawful and enforceable despite imposing a penalty.

(4) A penalty that the authorised operator is liable to pay under a penalty provision is recoverable as a debt due to the State and is to be paid into a fund called the Rectification Retention Account that is to be established in the Special Deposits Account and administered by the portfolio Minister.

(5) There is payable from the Rectification Retention Account--

(a) such amounts as the portfolio Minister may direct for the purpose of rectifying any operational, systems or process issues that arise in connection with the provision of titling and registry services, and

(b) such amounts as the portfolio Minister may direct for any purpose in connection with the provision of titling and registry services that is prescribed by the regulations, and

(c) such amounts as the Treasurer may direct for payment into the Consolidated Fund.

(6) The portfolio Minister may invest money in the Rectification Retention Account--

(a) if the portfolio Minister is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way that the portfolio Minister is permitted to invest money under that Part, or

(b) if the portfolio Minister is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way approved by the Treasurer.