49. Any person who contravenes or fails to comply with any of the provisions of this Part shall be guilty of an offence and shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both; or
(b)
in the case of a body corporate, to a fine not exceeding $500,000.