Business Trusts Act 2004 · 2020 Revised Edition · Part 10 · Accounts, Audit and Disclosure
80. Penalty
Feedback & supportIf any director of the trustee‑manager of a registered business trust —
director
“director” has the meaning given by section 4(1) of the Companies Act 1967;
fails to take all reasonable steps to secure compliance by the trustee‑manager with any provision of this Division; or
has by his or her own wilful act been the cause of any contravention by the trustee‑manager of any provision of this Division,he or she 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.
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 is a defence for the person 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.
accounts
“accounts” means profit and loss accounts, balance sheets and cash flow statements, and includes notes (other than auditors’ reports or directors’ reports) attached to or intended to be read with any of those profit and loss accounts, balance sheets or cash flow statements;
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.
creditor
“creditor”, in relation to a registered business trust, means a creditor of the trustee‑manager of the registered business trust where the liability owing to the creditor was incurred by the trustee‑manager on behalf of the registered business trust;
A person is not to 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.