45.—(1) Any person that contravenes section 40(1)(a) or (b), (2)(a) or (b), (3), (4), (8)(a)(i) or (ii), or (b) shall be guilty of an offence and shall be liable on conviction —| (a) | in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or | | (b) | in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction. |
(2) Any person that —| (a) | contravenes section 40(1)(c) or (d), (2)(c) or (d), (8)(a)(iii) or (iv) or 42(2); | | (b) | fails to comply with —| (i) | any notice given under section 41(4), 42(1) or 43; or | | (ii) | any condition imposed under section 40(6); or |
| | (c) | in purported compliance with a notice under section 43, knowingly or recklessly provides any information or document that is false or misleading in a material particular, |
| shall be guilty of an offence. |
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(3) Any person convicted of an offence under subsection (2) shall be liable on conviction —| (a) | in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence (if applicable), to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or | | (b) | in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction. |
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(4) Where a person is charged with an offence in respect of a contravention of section 40(1), (2), (3), (4) or (8), it is a defence for the person to prove that —| (a) | the person was not aware that the person had contravened section 40(1), (2), (3), (4) or (8), as the case may be; and | | (b) | within 14 days after becoming aware of the contravention, the person —| (i) | notified the Authority of the contravention; and | | (ii) | within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the licensed credit bureau as the Authority may direct. |
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(5) Where a person is charged with an offence in respect of a contravention of section 40(1), it is also a defence for the person to prove that, even though the person was aware of the contravention —| (a) | the contravention occurred as a result of an increase in the shareholding as described in section 39(3)(a) of, or in the voting power controlled by, any of the person’s associates described in section 39(3)(c)(i); | | (b) | the person had no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of shares or other interests in, or under which they act together in exercising their voting power in relation to, the licensed credit bureau; and | | (c) | within 14 days after the date of the contravention, the person —| (i) | notified the Authority of the contravention; and | | (ii) | within such time as may be determined by the Authority, took such action in relation to the person’s shareholding or control of the voting power in the licensed credit bureau as the Authority may direct. |
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| (6) Except as provided in subsections (4) and (5), it is not a defence for a person charged with an offence in respect of a contravention of section 40(1), (2), (3), (4) or (8) to prove that the person did not intend to or did not knowingly contravene that provision. |
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