Clause 328

If default is made by an investment company in complying with the provisions of this Division the investment company and every officer of the investment company who is in default shall be guilty of an offence under this Act, and shall be liable on conviction to imprisonment for a term not exceeding two years or to a fine not exceeding five thousand dollars and also to a default penalty not exceeding five hundred dollars.[Aust.s. 343.]

No transaction entered into by the company shall be invalid by reason only of such default.