s 52 Offences by directors or managers
52.—(1) Any person, being a director or manager of a commodity market, a clearing house, a commodity broker, a commodity trading adviser or a commodity pool operator, who —(a) fails to take all reasonable steps to secure compliance with the provisions of this Act; or (b) fails to take all reasonable steps to secure the accuracy and correctness of any statement submitted under this Act, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both. (2) In any proceedings against a person under subsection (1), it is a defence to prove that the person had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that those statements were accurate, and that the person was competent, and 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.