Central Bank Act, 1971

Offences and punishments.

58.—(1) Any person who contravenes section 7 , 14 , 17 , 18 or 27 of this Act and a holder of a licence who—

(a) contravenes section 19 , 20 , 26 , 31 or 33 of this Act,

(b) commits a breach of a condition attached to a licence,

(c) fails to comply with a direction under section 21 or 22 of this Act, or a requisition under section 23 of this Act, or

(d) contravenes regulations under section 24 or 25 of this Act,

shall be guilty of an offence and shall be liable—

(i) on summary conviction, to a fine not exceeding one hundred pounds, or

(ii) on conviction on indictment, to a fine not exceeding five thousand pounds,

and, if the contravention, breach or failure in respect of which he was convicted is continued after the conviction, he shall be guilty of a further offence and shall be liable on conviction on indictment to a fine not exceeding two hundred and fifty pounds for each day on which the contravention, breach or failure was so continued.

(2) Where there is a contravention in relation to a unit trust scheme of section 14 (2) of this Act, the manager under the scheme shall be deemed to have contravened section 14 of this Act.