Notification of changes

(1) A registered person shall, within seven days of the relevant event give the Commissioner notice in writing of– (a) any change affecting the accuracy of the particulars provided by him in his application (b) the business in respect of which the person is registered closing down; or (c) any other matter of which he is required by the regulations to give the Commissioner notice. 46 (2) Where a registered person– (a) dies; (b) becomes bankrupt; (c) goes into liquidation or receivership; or (d) becomes a party to an amalgamation, the registered person or the person responsible for the affairs of the registered person shall, within twenty one days, give the Commissioner notice in writing thereof. (3) Where the Commissioner has not been given notice as required by this section of any matter relating to a registered person, he may assess that person under this Act and otherwise exercise his powers under this Act as if the matter of which the notice was required to be given under this section had not taken place, and the registered person, or the estate of the registered person is liable accordingly. (4) A person contravening this section commits an offence and is liable on summary conviction to a fine of not less than one thousand dollars and not more than three thousand dollars, and an additional fine of one hundred dollars in respect of each day during which the offence has continued, or to imprisonment for a term not exceeding one year, or to both such fine and imprisonment.