§ 153 — Offences, penalties and defences

153.—(1) A person that —(a)

contravenes section 149(1) or 150(5) or does any act in contravention of section 151(2);

(b)

fails to comply with —(i)

any written notice issued under section 151(1) or 152(1) or (3); or

(ii)

any condition imposed under section 149(3) or (4); or

(c)

in purported compliance with a written notice issued under section 152(1) or (3), knowingly or recklessly provides any information or document that is false or misleading in a material particular,

shall be guilty of an offence.

(2) A person convicted of an offence under subsection (1) shall be liable on conviction —(a)

in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(3) Where a person is charged with an offence in respect of a contravention of section 149(1), it is a defence for the person to prove that —(a)

the person was not aware that the person had contravened section 149(1), as the case may be;

(b)

within 14 days after becoming aware of the contravention, the person notified the Authority of the contravention; and

(c)

within such reasonable time as may be determined by the Authority, the person took such action in relation to the person’s shareholding or control of the voting power in the licensee as the Authority may direct.

(4) Where a person is charged with an offence in respect of a contravention of section 149(1), it is also a defence for the person to prove that, even though the person was aware of the contravention —(a)

the contravention occurred as a result of an increase in the shareholding as described in section 136(2)(a) of, or in the voting power controlled by, any of the person’s associates described in section 136(2)(c)(i);

(b)

the person had no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate —(i)

with respect to the acquisition, holding or disposal of shares or other interests in the licensee; or

(ii)

under which the person and that associate act together in exercising their voting power in relation to the licensee;

(c)

within 14 days after the date of the contravention, the person notified the Authority of the contravention; and

(d)

within such reasonable time as may be determined by the Authority, the person took such action in relation to the person’s shareholding or control of the voting power in the licensee as the Authority may direct.

(5) Except as provided in subsections (3) and (4), it is not a defence for a person charged with an offence in respect of a contravention of section 149(1) to prove that the person did not intend to, or did not knowingly, contravene that provision.

—(1) A person that —(a)

contravenes section 149(1) or 150(5) or does any act in contravention of section 151(2);

(b)

fails to comply with —(i)

any written notice issued under section 151(1) or 152(1) or (3); or

(ii)

any condition imposed under section 149(3) or (4); or

(c)

in purported compliance with a written notice issued under section 152(1) or (3), knowingly or recklessly provides any information or document that is false or misleading in a material particular,

shall be guilty of an offence.

(2) A person convicted of an offence under subsection (1) shall be liable on conviction —(a)

in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or

(b)

in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

(3) Where a person is charged with an offence in respect of a contravention of section 149(1), it is a defence for the person to prove that —(a)

the person was not aware that the person had contravened section 149(1), as the case may be;

(b)

within 14 days after becoming aware of the contravention, the person notified the Authority of the contravention; and

(c)

within such reasonable time as may be determined by the Authority, the person took such action in relation to the person’s shareholding or control of the voting power in the licensee as the Authority may direct.

(4) Where a person is charged with an offence in respect of a contravention of section 149(1), it is also a defence for the person to prove that, even though the person was aware of the contravention —(a)

the contravention occurred as a result of an increase in the shareholding as described in section 136(2)(a) of, or in the voting power controlled by, any of the person’s associates described in section 136(2)(c)(i);

(b)

the person had no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate —(i)

with respect to the acquisition, holding or disposal of shares or other interests in the licensee; or

(ii)

under which the person and that associate act together in exercising their voting power in relation to the licensee;

(c)

within 14 days after the date of the contravention, the person notified the Authority of the contravention; and

(d)

within such reasonable time as may be determined by the Authority, the person took such action in relation to the person’s shareholding or control of the voting power in the licensee as the Authority may direct.

(5) Except as provided in subsections (3) and (4), it is not a defence for a person charged with an offence in respect of a contravention of section 149(1) to prove that the person did not intend to, or did not knowingly, contravene that provision.