10. Penalty for breach of covenant
Feedback & supportWhere a collective investment scheme is authorised under section 286(1) of the Act, any person who fails to comply with any covenant referred to in regulation 8(2)(a) or (b) which is included in the trust deed of the collective investment scheme, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Section 333(1) of the Act shall not apply to any offence under paragraph (1).
Subregulation 1
Where a collective investment scheme is authorised under section 286(1) of the Act, any person who fails to comply with any covenant referred to in regulation 8(2)(a) or (b) which is included in the trust deed of the collective investment scheme, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
Subregulation 2
Section 333(1) of the Act shall not apply to any offence under paragraph (1).