Effects of bail-in certificate
76.—(1)  A provision in a bail-in certificate has effect despite any restriction arising by reason of contract, any written law or rule of law in force before the appointed date of the bail-in certificate, or the constitution of the Division 4A FI.
(2)  Where a bail-in certificate provides for the cancellation of an eligible instrument —
(a)the cancellation takes effect without other or further act by the Division 4A FI; and
(b)the certificate has effect according to its tenor and is binding on any person affected by it.
(3)  Where a bail-in certificate provides for the modification, conversion, or change in form of an eligible instrument —
(a)the modification, conversion, or change in form takes effect without other or further act by the Division 4A FI or resulting FI; and
(b)the certificate has effect according to its tenor and is binding on any person affected by it.
(4)  Where a bail-in certificate provides that an eligible instrument is to have effect as if a specified right had been exercised under it —
(a)the eligible instrument has effect as if the specified right had been exercised under it without other or further act by the Division 4A FI or resulting FI; and
(b)the certificate has effect according to its tenor and is binding on any person affected by it.
(5)  A reference in subsections (1) to (4) to anything taking or having effect is a reference to that thing taking or having effect from (and including) the appointed date.
(6)  A person that fails to comply with any direction given to the person in the bail-in certificate 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 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, 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, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
(7)  Where a person is charged with an offence under subsection (6), it is a defence for the person to prove that —
(a)the person was not aware of the contravention of the direction; and
(b)the person complied with the direction within a reasonable time after becoming aware of the contravention.
(8)  Except as provided in subsection (7), it is not a defence for the person mentioned in that subsection that the person did not intend to or did not knowingly contravene the direction.
[Act 31 of 2017 wef 29/10/2018]