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Obligation to make deposit in the High Court.
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42.—(1) During the period of three years beginning on the 1st day of January next after the passing of this Act it shall not be lawful for any person to hold himself out as a banker unless he has deposited and keeps deposited in the High Court in accordance with this Part of this Act the sum of ten thousand pounds or, in the case of a person to whom an order under sub-section (3) of this section relates, the sum mentioned in such order.
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(2) From and after the expiration of the period of three years mentioned in the foregoing sub-section of this section it shall not be lawful for any person to hold himself out as a banker unless he has deposited and keeps deposited in the High Court in accordance with this Part of this Act the sum of twenty thousand pounds or, in the case of a person to whom an order under sub-section (3) of this section relates, the sum mentioned in such order.
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(3) The Minister, where satisfied that special considerations so warrant, may by order permit a person holding himself out as a banker to deposit and keep deposited in the High Court in accordance with this Part of this Act a sum less than that mentioned in sub-section (1) or sub-section (2) of this section (whichever is applicable) but not less than five thousand pounds.
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(4) The Minister may by order revoke or amend any order under this section.
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(5) Every person who holds himself out as a banker in contravention of this section shall be guilty of an offence under this section and shall be liable,
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(a) on conviction thereof on indictment, to a fine not exceeding five hundred pounds together with a further fine not exceeding twenty-five pounds for every day on which the offence is continued, or
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(b) on summary conviction thereof, to a fine not exceeding fifty pounds together with a further fine not exceeding one pound for every day on which the offence is continued.
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(6) Where a company or other corporate body commits an offence under this section, every director and every officer of such company or body who wilfully authorises or permits the offence shall also be guilty of the offence and be liable on conviction thereof to the penalty mentioned in the next preceding sub-section.
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(7) Where a partnership or other unincorporated body commits an offence under this section, every member of such partnership or body shall be guilty of the offence and be liable on conviction thereof to the penalty mentioned in sub-section (5) of this section, unless he proves that he did not know and could not reasonably have known of such contravention.
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