Page:Electricity Act 2001.pdf/60

Rh ::(ii) to provide a performance bond, guarantee or other form of security on such terms and conditions as the Authority may determine.

(3) Where a person fails to comply with a direction referred to in subsection (2) (a) (ii), the shares last registered in the name of that person or the assets, as the case may be, that are the subject of the acquisition and specified by the Authority by notice in writing served on the person, shall be forfeited to the Government.

(4) Any shares or assets forfeited to the Government under subsection (3) shall be sold by the Government as soon as practicable and the proceeds of sale, after deduction of the reasonable costs of the forfeiture and sale, shall be paid to the person from whom the shares or assets were forfeited.

(5) Any person who is aggrieved by any decision or direction of the Authority under this Part may, within 14 days after receipt of the notice referred to in section 60, appeal to the Appeal Panel under Part VIII.

(6) For the purposes of this section—
 * “associated person” has the same meaning as in section 76D (14) of the Companies Act (Cap. 50);
 * “relevant shares or assets” means any shares or assets of an electricity licensee held by the person that would need to be disposed of in order to cause the acquisition to cease to have the object or effect of preventing, restricting or distorting competition in any wholesale electricity market or the retail electricity market.

Notification

60. The Authority shall, within 14 days of the Authority making any decision or direction under this Part, notify any person affected by such decision or direction.

Offences

61.—(1) A person who fails to comply with a requirement imposed on him under section 55 or 56 shall be guilty of an offence.