Clause 57

by deleting subsections (1), (2) and (3);

by deleting the words “with the Authority and” in subsection (6);

by inserting, immediately after subsection (6), the following subsection:“(6A) Any person who furnishes any information contained in a profit and loss account or balance-sheet required under subsection (6) shall use due care to ensure that the information is not false or misleading in any material particular.”;

by inserting, immediately after subsection (7), the following subsection:“(7A) Any person who contravenes subsection (6A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.”; and

by deleting subsection (9) and substituting the following subsection:“(9) Where the directors or equivalent persons of a borrowing entity, or the directors or equivalent persons of a guarantor entity, do not lodge with the trustee the profit and loss accounts and balance-sheets as required under subsection (6) within the time prescribed under that subsection, the trustee shall immediately lodge notice of that fact with the Authority.”.