Prohibition against holding land or shares for alien

(1) It shall be an offence for any person or corporation as trustee, agent or otherwise to hold title to the legal estate in national land to which the equitable estate or any portion thereof is vested in an alien contrary to provisions of this Act, or to hold the title to shares or stock as trustee, agent or otherwise for and on behalf of an alien without disclosure of the same in a company in which title to legal or equitable estate in national land is vested, except a personal representative during and in the course of administration or a receiver during and in the course of bankruptcy. (2) Any person convicted on indictment of an offence under this section shall be liable to a fine not exceeding five thousand dollars, and the national land and all buildings, fixtures and appurtenances thereon or the shares or stock the subject of the offence shall forthwith be forfeited to the State.