§ 82 — Responsibilities of directors, officers, etc., of payment entity

82.—(1) During the period when the Authority or statutory manager is in control of the relevant business of a payment entity —(a)

a relevant person must provide to the Authority or statutory manager, within such time and in such manner as the Authority or statutory manager may specify, such information as the Authority or statutory manager may require to discharge the duties or functions, or exercise the powers, of the Authority or statutory manager in relation to the payment entity; and

(b)

the General Division of the High Court may, on an application by the Authority or statutory manager, direct any relevant person to pay, deliver, convey, surrender or transfer to the Authority or statutory manager, within such period as the General Division of the High Court may specify, any property or book of the payment entity that —(i)

forms part of or relates to the business of the payment entity; and

(ii)

is in the relevant person’s possession or control.[40/2019]

(2) A person that —(a)

without reasonable excuse, fails to comply with subsection (1)(a); or

(b)

in purported compliance with subsection (1)(a), knowingly or recklessly provides any information or document that is false or misleading in a material particular,

shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.

(3) In this section, “relevant person” means a current or former chief executive officer, director, executive officer, employee, agent, banker, auditor or office‑holder of, or trustee for, the payment entity mentioned in subsection (1).

—(1) During the period when the Authority or statutory manager is in control of the relevant business of a payment entity —(a)

a relevant person must provide to the Authority or statutory manager, within such time and in such manner as the Authority or statutory manager may specify, such information as the Authority or statutory manager may require to discharge the duties or functions, or exercise the powers, of the Authority or statutory manager in relation to the payment entity; and

(b)

the General Division of the High Court may, on an application by the Authority or statutory manager, direct any relevant person to pay, deliver, convey, surrender or transfer to the Authority or statutory manager, within such period as the General Division of the High Court may specify, any property or book of the payment entity that —(i)

forms part of or relates to the business of the payment entity; and

(ii)

is in the relevant person’s possession or control.[40/2019]

(2) A person that —(a)

without reasonable excuse, fails to comply with subsection (1)(a); or

(b)

in purported compliance with subsection (1)(a), knowingly or recklessly provides any information or document that is false or misleading in a material particular,

shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.

(3) In this section, “relevant person” means a current or former chief executive officer, director, executive officer, employee, agent, banker, auditor or office‑holder of, or trustee for, the payment entity mentioned in subsection (1).