Singapore legislation
Clause 80
Clause 80
Penalty
(1)
If any director of the trustee-manager of a registered business trust —
fails to take all reasonable steps to secure compliance by the trustee-manager with any provision of this Division; or
has by his own wilful act been the cause of any contravention by the trustee-manager of any provision of this Division,he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
(2)
In any proceedings against a person for failure to take all reasonable steps to comply with, or to secure compliance with, the preceding provisions of this Division relating to the form and content of the accounts of a registered business trust by reason of an omission from the accounts, it shall be a defence for him to prove that the omission was not intentional and that the information omitted was immaterial and did not affect the giving of a true and fair view of the matters required by section 76 to be dealt with in the accounts.
(3)
If an offence under this section is committed with intent to defraud any creditor of the registered business trust or any creditor of any other person or for a fraudulent purpose, the offender shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both.
(4)
No person shall be sentenced to imprisonment for any offence under this section unless, in the opinion of the court dealing with the case, the offence was committed wilfully.