Singapore legislation
Section 49
Section 49
Offences by directors or managers
(1)
Any person who, being a director, managing director or manager of a finance company —
fails to comply, or to take all reasonable steps to secure compliance by the finance company, with the provisions of this Act or any order made under this Act or any other law relating to finance companies in force in Singapore; or
fails to ensure or to take all reasonable steps to ensure the accuracy and correctness of any statement or information submitted under this Act or any other law relating to finance companies in force in Singapore,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 3 years or to both.
(2)
In any proceedings against a person under subsection (1), it is a defence to prove that the person had reasonable grounds to believe and did believe that a competent and reliable person was charged with the duty of securing compliance with the provisions of this Act or any order made under this Act or any other written law relating to finance companies in Singapore or with the duty of securing that those statements were accurate and correct and that the person was 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 the offence was committed wilfully.