Central Bank Act, 1989.

Contravention of approval, etc.

87.—(1) Where an acquiring transaction is entered into subsequent to approval being given by the Bank, any person who contravenes (whether by act or omission) the approval or any condition of the approval shall be guilty of an offence and shall be liable—

(a) on summary conviction, to a fine not exceeding £1,000 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or

(b) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years, or to both.

(2) Where a person is convicted of an offence under this section by reason of his failure, neglect or refusal to comply with a condition of the approval requiring him to perform a specified act within a specified period or before a specified date, and the act remains, after the date of the conviction, unperformed by him, the person shall be guilty of contravening this section on every day on which the contravention continues after that conviction and for each such offence he shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000.

(3) Notwithstanding the paragraph numbered 4 of section 10 of the Petty Sessions (Ireland) Act, 1851 , summary proceedings for an offence under this section may be instituted within 12 months from—

(a) in the case of an offence to which subsection (1) (a) relates, the latest day on which the offence was committed, and

(b) in the case of an offence to which subsection (2) relates, the day on which the offence was committed.