Building Societies Act, 1976

Offences.

92.—(1) A person who or a society which contravenes a requirement of or under this Act or fails to comply with a requirement of this Act, including in either case a requirement in regulations made under this Act and including any direction given by the Registrar in pursuance of his powers under this Act but excluding any requirement in respect of which an offence is provided for failure to comply with the requirement, shall be guilty of an offence and shall be liable—

(a) on summary conviction, to a fine not exceeding £100; or

(b) on conviction on indictment, to a fine not exceeding £5,000,

and if the contravention or failure in respect of which he or it was convicted is continued after the conviction he or it shall be guilty of a further offence and shall be liable on conviction on indictment to a fine not exceeding £250 for each day on which the contravention or failure is so continued.

(2) Where an offence under this Act is committed by a society or by a person purporting to act on behalf of a society and is proved to have been so committed with the consent or approval of, or to have been facilitated by any wilful neglect on the part of, any person who is an officer of the society, that person shall also be guilty of the offence.

(3) Where a loan is made in contravention of any requirement of or under this Act (including a requirement in any regulations made under this Act) the directors of the society who authorised the loan shall be jointly and severally liable for any loss on the loan occasioned to the society.