Company which promotes a pyramid selling scheme or arrangement to cease promoting the same
7.—(1)  Upon the commencement of this Act a company which promotes a multi-level marketing scheme or arrangement or pyramid selling scheme or arrangement (referred to in this section and section 8 as the relevant company) shall forthwith cease to promote that scheme or arrangement.
(2)  The relevant company shall within 60 days from the date of the commencement of this Act either —
(a)resolve by special resolution that it be wound up voluntarily under section 290(1)(b) of the Companies Act; or
(b)resolve by special resolution that it be wound up by the court and accordingly present a petition to the court under section 253(1)(a) of the Companies Act for an order that it be wound up.
(3)  If default is made by the relevant company in complying with subsection (1) or (2) that company and every officer thereof shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 5 years or to both.