(1) The Board may accept a voluntary undertaking from any person, at any time, in respect of any matter connected with compliance with the provisions of this Act or the rules made thereunder.

(2) A voluntary undertaking shall be in such form as the Board may determine.

(3) The Board may, on application by the person who has given a voluntary undertaking, or on its own motion, vary, or release the person from, the voluntary undertaking.

(4) The breach of any term of a voluntary undertaking shall be deemed to be a breach of the provisions of this Act.