Singapore legislation
Clause 41
Clause 41
Offence by officer
(1)
Any officer of a full bank or finance company who fails to take all reasonable steps to secure —
compliance by the full bank or finance company, as the case may be, with any provision of this Act; or
the accuracy and correctness of any statement submitted to the Authority, Agency or such other person as may be required under this Act,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
(2)
In any proceedings against a person under subsection (1), it shall be a defence for the person to prove that he had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that those statements were accurate and correct, as the case may be, and that that person was competent, and in a position, to discharge that duty.
(3)
A person shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court, he committed the offence wilfully.
(4)
Notwithstanding subsection (1), no officer shall be guilty of an offence where the contravention of any provision of this Act by a full bank or finance company results in the imposition of only a financial penalty on the full bank or finance company.