Central Bank Act, 1989.
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Offences and penalties under Act of 1971. |
9.—The Act of 1971 is hereby amended by the substitution of the following section for section 58: | |
“58.—(1) Any person who contravenes section 7 , 14 , 17 , 18 or 27 of this Act and a holder of a licence who— | ||
(a) has obtained a licence through false statements or any other irregular means, | ||
(b) contravenes section 19 , 20 , 26 , 31 or 33 of this Act, | ||
(c) commits by act or omission a breach of a condition duly imposed and which relates to a licence, | ||
(d) fails to comply with a direction under section 11 (3) (c) (inserted by section 34 of the Central Bank Act, 1989), 21 or 22 of this Act, or a requisition under section 23 of this Act, or | ||
(e) contravenes regulations under section 24 or 25 of this Act, | ||
shall be guilty of an offence and shall be liable— | ||
(i) on summary conviction, to a fine not exceeding £1,000 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or | ||
(ii) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years, or to both, | ||
and, if the contravention, breach or failure in respect of which he was convicted is continued after conviction, he shall be guilty of an offence on every day on which the contravention, breach or failure continues after conviction in respect of the original contravention, breach or failure and for each such offence he shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000. | ||
(2) Where there is a contravention in relation to a unit trust scheme of section 14 (2) of this Act, the manager under the scheme shall be deemed to have contravened section 14 of this Act. | ||
(3) In any proceedings for an offence under this section which relates to section 27 of this Act, it shall be a good defence for the accused to prove that he was, at the relevant time, a person whose business it was to publish or arrange for the publication on behalf of some other person of advertisements or other solicitations and that the relevant advertisement or other solicitation was received for publication in the ordinary course of that business and that he did not know and had no reason to suspect that to use it to advertise or otherwise solicit could be an offence.”. |