|
|
|
Further amendments of section 13 of Act of 1994
|
| |
17. Section 13 of the Act of 1994 is amended—
|
|
| |
(a) in subsection (3), by the substitution of “Each of the registers referred to in subsection (1)(a) and (b)” for “The register described in subsection (1)”,
|
|
| |
(b) by the substitution of the following subsections for subsection (4):
|
|
| |
“(4) If default is made in compliance with any of the requirements of this section, each general partner of the investment limited partnership concerned shall be guilty of an offence and shall be liable, on summary conviction, to a class A fine and shall indemnify any person who thereby suffers any loss.
|
|
| |
(5) If the contravention in respect of which a person is convicted of an offence under subsection (4) is continued after the conviction, the person shall be guilty of a further offence on every day on which the contravention continues and for each such offence the person shall be liable, on summary conviction, to a class D fine.
|
|
| |
(6) If—
|
|
| |
(a) the name of any person is, without sufficient cause, entered in, or omitted from, the register referred to in paragraph (a) of subsection (1) in contravention of that subsection, or
|
|
| |
(b) default is made as to the specification of the correct particulars made in any entry on the register referred to in paragraph (a) or (b) of subsection (1) in contravention of that subsection,
|
|
| |
the person aggrieved, or any partner of the investment limited partnership concerned or the investment limited partnership itself, may apply to the High Court for rectification of the register referred to in paragraph (a) or, as the case may be, paragraph (b) of subsection (1)(the ‘register concerned’).
|
|
| |
(7) Where an application is made under subsection (6), the High Court may either refuse the application or may order rectification of the register concerned and, unless an application under section 42A(2) has been made or is pending in respect of the contravention concerned, may order payment by the investment limited partnership concerned of compensation for any loss sustained by any party aggrieved.
|
|
| |
(8) The High Court when making an order for the rectification of the register concerned shall by its order direct, if appropriate, notice of the rectification to be given to the Bank.”.
|
