Prohibition on carrying on financial business without a licence

Where a person carries on financial business without a licence issued or deemed to be issued under this Act, the person commits an offence and– (a) where the person is an individual, he is liable on summary conviction to a fine not exceeding one hundred thousand dollars or to imprisonment for three years or to both such fine and term of imprisonment, and in the case of a continuing offence to an additional fine not exceeding ten thousand dollars for every day during which the offence continues; (b) where the person is a company– (i) every director and officer of such company is liable on summary conviction to a fine not exceeding one hundred thousand dollars or to imprisonment for three years or to both such fine and term of imprisonment, and in the case of a continuing offence to an additional fine not exceeding ten thousand dollars for every day during which the offence continues; and (ii) the company is liable on summary conviction to a fine not exceeding one hundred thousand dollars and in the case of a continuing offence to an additional fine not exceeding ten thousand dollars for every day during which the offence continues; or (c) where the person is an unincorporated body, every officer or member of the governing body of such unincorporated body is liable on summary conviction to a fine not exceeding one hundred thousand dollars or to imprisonment for three years or to both such fine and term of imprisonment, and, in the case of a continuing offence, to an additional fine not exceeding ten thousand dollars for every day during which the offence continues.