Unit Trusts Act, 1972

Offences and punishments.

21.—(1) Where, in relation to a unit trust scheme, there is a contravention of section 9 of this Act, the manager under the scheme shall be guilty of an offence.

(2) Where, in relation to a unit trust scheme, there is a contravention of section 11 or 12 of this Act, the manager and (except where the contravention consists of sending a copy of a document of the kind referred to in the said section 12 to the registrar without its having been signed by a director or the secretary of the trustee or sending a copy of such a document to a person specified in the said section 12 without having obtained the approval of the trustee for the document) the trustee under the scheme shall be guilty of an offence.

(3) Where the manager under a unit trust scheme contravenes section 13 or 17 of this Act, he shall be guilty of an offence.

(4) A person guilty of an offence under this Act (other than section 16 (6)) shall be liable—

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

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

and if the contravention or failure in respect of which he is 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 is so continued.