944AD. (1) Subject to subsection (2), if the Authority believes on reasonable grounds that a relevant director has engaged in conduct (in this section referred to as the "relevant conduct") giving rise (whether in whole or in part) to a relevant contravention referred to in section 936A(1), the Authority and the relevant director may, at their absolute discretion, enter into an agreement (in this section referred to as a "section 944AD agreement") to resolve the matters relating to such conduct.

(2) The following provisions shall apply to the section 944AD agreement:

(a) the agreement may be entered into notwithstanding that no investigation under Part 13 into the relevant conduct has been commenced;

(b) the agreement may be entered into after an investigation under Part 13 into the relevant conduct has been commenced but, subject to paragraph (d), not after it has been completed;

(c) without prejudice to the generality of the terms of the agreement, such terms may include terms under which the relevant director accepts the imposition of one or more relevant sanctions that may be imposed;

(d) the agreement may be entered into after an investigation under Part 13 has been undertaken and carried out only to the extent to determine which sanctions (if any) referred to in paragraph (c) to impose on the relevant director;

(e) the terms of the agreement are binding on the Authority and the relevant director.

(3) Subject to subsection (6), the provisions of sections 944AB, 944AC, 944AE, 944AF and 944AG shall apply, with any necessary modifications, to any relevant sanctions imposed on a relevant director pursuant to a section 944AD agreement as those sections apply to any relevant sanctions imposed on a relevant director otherwise than pursuant to a section 944AD agreement.

(4) Subject to subsection (5), where the relevant director with whom the Authority has entered into the section 944AD agreement fails to comply with one or more of the terms of the agreement, the Authority may apply to the court for an order compelling that relevant director to comply with those terms.

(5) In default of payment, any amount agreed to be paid to the Authority by the relevant director under the section 944AD agreement may be recovered by the Authority from the relevant director as a simple contract debt in any court of competent jurisdiction.

(6) The necessary modifications referred to in subsection (3), in so far as section 944AE is concerned, include reading that section as if—

(a) the following subsection were substituted for subsection (1) of that section:

"(1) Subject to subsection (3), the Authority shall, in so far as a relevant decision imposes a relevant sanction on a relevant director, as soon as practicable, publish on its website particulars of the relevant contravention to which the relevant sanction relates, particulars of the relevant conduct, particulars of the relevant sanction imposed and particulars of the relevant director on whom the relevant sanction was imposed.",

(b) subsections (2) and (4) of that section were deleted, and

(c) in subsection (5) of that section, the reference to "or (2)" were deleted.

(7) Section 944AH shall be disregarded for the purposes of a section 944AD agreement.]