s 26 Power of Authority to issue directions to trustee‑manager or temporary trustee‑manager
26.—(1) The Authority may —(a) for the purpose of ensuring compliance with the provisions of this Act; or (b) if it thinks it necessary in the public interest for the proper administration of this Act, issue written directions, either of a general or specific nature, to the trustee‑manager or temporary trustee‑manager of a registered business trust. (2) Without limiting subsection (1), the Authority may issue written directions —(a) where the trustee‑manager or temporary trustee‑manager of a registered business trust is contravening, is likely to contravene or has contravened any provision of this Act, to require that person —(i) to comply with that provision or to cease contravention of that provision; or (ii) to resign as trustee‑manager of the registered business trust; or (b) with respect to any other matter which the Authority considers necessary for the proper administration of this Act, and the trustee‑manager or temporary trustee‑manager must comply with any such directions. (3) The Authority may at any time vary, rescind or revoke any written direction issued under this section. (4) Any trustee‑manager or temporary trustee‑manager of a registered business trust which contravenes any written direction issued under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction. (5) It is not necessary to publish any written direction issued under this section in the Gazette.[10/2013]