s 112 Offence by officers
112.—(1) Any officer of a licensed financial adviser who fails to take all reasonable steps to secure —(a) compliance with any provision of this Act; or (b) the accuracy and correctness of any statement submitted to the Authority or such other person as may be required under this Act, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both. (2) In any proceedings against an officer under subsection (1), it is a defence for the officer to prove that he or she 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 (as the case may be) and that that person was competent, and in a position, to discharge that duty. (3) An officer is not to be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court, he or she committed the offence wilfully.[84