s 59 Offences by directors, managing directors or managers
59.—(1) Any person who, being a director, managing director or manager of a chit fund company —(a) fails to comply or take all reasonable steps to secure compliance by the chit fund company with the provisions of this Act or any other written law relating to chit fund companies in Singapore; or (b) fails to ensure or take all reasonable steps to ensure the accuracy and correctness of any statement or information submitted under this Act or any other written law relating to chit fund companies in force in Singapore, shall be guilty of an offence and shall in respect of each offence be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 3 years or to both. (2) In proceedings against a person under subsection (1), it is a defence to prove that the person had reasonable grounds to believe and did in fact believe that a competent and reliable person was charged with the duty of securing compliance with the provisions of those laws or with the duty of ensuring that those statements were accurate and that that person was in a position to discharge that duty. (3) A person shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court, the person committed the offence wilfully.