Clause 51

by deleting the word “registered” wherever it appears in subsections (5), (9) and (13) and substituting in each case the word “licensed”;

by deleting paragraph (a) of subsection (9) and substituting the following paragraph:“(a)be deemed to have obtained the approval of the Authority under section 28 or 29, as the case may be, in respect of the shares; and”; and

by deleting subsection (10) and substituting the following subsection:“(10) A transferor or a transferee who contravenes any provision in the certificate shall be guilty of an offence and shall be liable on conviction —

in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; and

in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.”.