No proceedings may be taken by the regulator against a person on whom an infringement notice was served in respect of an alleged breach of a civil penalty provision if:
(a) both:
(i) the infringement penalty has been paid within the time for payment stated in the notice; and
(ii) the infringement notice has not been withdrawn in accordance with section 41; or
(b) the infringement penalty has been accepted in accordance with section 40.