Clause 47

by deleting subsection (1) and substituting the following subsections:“(1) If any director of a company fails to comply with section 201(1A), (3), (3A) or (15), he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. (1A) If any director of a company —

fails to comply with any provision of this Division (other than section 201(1A), (3), (3A) and (15));

fails to take all reasonable steps to secure compliance by the company with any such provision; or

has by his own wilful act been the cause of any default by the company of any such provision,he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years.”; and

by deleting subsection (3) and substituting the following subsection:“(3) If an offence under this section is committed with intent to defraud creditors of the company or creditors of any other person or for a fraudulent purpose, the offender shall be liable on conviction —

in the case of an offence under subsection (1), to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both; or

in the case of an offence under subsection (1A), to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 3 years or to both.”.