Effect of failure to satisfy requirements of section 5

(1) Without affecting the operation of section 107 of this Act, if a company is incorporated under this Act without having satisfied the requirements prescribed for an International Business Company under section 5 of this Act, or if having satisfied the requirements it subsequently ceases to satisfy the requirements for a continuous period of more than 30 days, the company shall upon the expiration of that period notify the Registrar of that fact. (2) A company that wilfully contravenes sub-section (1) of this section, is liable to a penalty of $500 for each day or part thereof during which the contravention continues, and a director who knowingly permits the contravention is liable to a like