Singapore legislation
Clause 36
Clause 36
Offences by directors or managers
(1)
Any person who, being a director, managing director or manager of a finance company —
fails to comply, or to take all reasonable steps to secure compliance by the finance company, with the provisions of this Act or any order made under this Act or any other law relating to finance companies in force in Singapore; or
fails to ensure or to take all reasonable steps to ensure the accuracy and correctness of any statement or information submitted under this Act or of any other law relating to finance companies in force in Singapore,shall be guilty of an offence under this Act and shall be liable on conviction by a District Court to imprisonment for a term not exceeding three years or to a fine not exceeding five thousand dollars or to both such imprisonment and fine.
(2)
In any proceedings against a person under paragraph (b) of subsection (1) of this section it shall be a defence to prove that he had reasonable grounds to believe and did believe that a competent and reliable person was charged with the duty of securing that those statements were accurate and correct and that the person was in a position to discharge that duty.
(3)
A person shall not be sentenced to imprisonment for any offence under paragraph (b) of subsection (1) of this section unless in the opinion of the court the offence was committed wilfully.