Singapore legislation
Clause 59
Clause 59
Offences by directors, managing directors or managers
(1)
Any person who, being a director, managing director or manager of a chit fund company —
fails to comply or take all reasonable steps to secure compliance by the chit fund company with the provisions of this Act or any other written law relating to chit fund companies 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 written law relating to chit fund companies in force in Singapore,shall be guilty of an offence under this Act and shall, in respect of each offence, be liable on conviction 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 subsection (1) of this section it shall be a defence to prove that he had reasonable grounds to believe and did in fact believe that a competent and reliable person was charged with the duty of securing compliance with the provisions of those laws or with the duty of ensuring that those statements were accurate and that that person was in a position to discharge that duty.
(3)
A person shall not be sentenced to imprisonment for any offence under subsection (1) of this section unless, in the opinion of the court, he committed the offence wilfully.