Clause 21
Repeal and re-enactment of section 104
of Securities Industry (Amendment) Bill
Section 104 of the principal Act is repealed and the following section substituted therefor:“Penalties104.—
Any person who contravenes any provision of this Part shall be guilty of an offence and shall be liable on conviction —
in the case of a person who is not a body corporate, to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both; or
in the case of a body corporate, to a fine not exceeding $500,000.
No proceedings shall be instituted against a person for an offence in respect of a contravention of section 103 after a court has made an order against him for the payment of a civil penalty under section 104A for the contravention.”.