(1) Proceedings for an offence may be commenced—
(a) no later than 5 years after the alleged commission of the offence; and
(b) only by the Registrar or a person authorised in writing by the Registrar to commence proceedings.
(2) In this section—
"offence" means an offence under—
(a) this Act; or
(b) the local regulations; or
(c) the Co-operatives National Law (Victoria); or
(d) the Co-operatives National Regulations (Victoria).