Offence of fraudulent application or false information

(1) Any person who for the purpose of obtaining a licence under this Act gives false, untrue or misleading information or fails to disclose material facts or circumstances, commits an offence and shall be liable on summary conviction to the penalty of– (a) in the case of a company, a fine of two hundred thousand dollars; (b) in the case of a natural person, a fine of one hundred thousand dollars or to imprisonment for a term not exceeding one year or to both such fine and imprisonment, and in addition, the licence granted to such person may be revoked by the Commission. (2) Where the commission by any person of an offence under this section is due to the act or default of some other person, the other persons commits an offence and may be charged with and convicted of the offence whether or not proceedings are taken against the first-mentioned person. (3) If a company commits an offence under this Act and it is proved that the offence occurred with the consent or connivance of, or was attributable to any neglect on the part of, a director, manager, secretary or other similar officer of the body, or any person who was purporting to act in any such capacity, that person, as well as the company, commits the offence. 32