56. Penalties

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Any person who is guilty of an offence under subsection (4) of section 2 of this Act shall be liable on conviction after trial before the High Court to imprisonment of either description for a term not exceeding five years or to a fine not exceeding five million rupees or to both such imprisonment and fine and to settle liabilities of such person to depositors and other creditors under the supervision of court:

Provided however, that any person who is found guilty of an offence under subsection (4) of section 2 by application of the provisions of subsection (2) of section 53 of this Act shall settle the liabilities of the relevant body corporate or the unincorporate body as the case may be, in such manner and in such extent as the Court may direct:

Provided further, that the court may direct the debtors of such person or of the relevant body corporate or the unincorporate body as the case may be, to repay their debts in such manner and within such time as the court may direct.

(2)

Any person who is guilty of an offence under subsection (9) of section 5, subsection (1) of section 20, subsection (4) of section 24, subsections (2) and (7) of section 31, subsection (11) of section 42, subsection (3) of section 51 or subsection (1) of section 52 of this Act shall be liable on conviction after trial before a Magistrate to a fine not exceeding three million rupees or to imprisonment of either description for a term not exceeding three years or to both such fine and imprisonment.

(3)

Any person who is guilty of an offence under subsection (2) of section 21 and subsection (2) of section 50

of this Act shall be liable on conviction after trial before a

Magistrate to a fine not exceeding one million rupees or to imprisonment of either description for a term not exceeding one year or to both such fine and imprisonment.

(4)

Any person who contravenes or fails to comply with any provisions of this Act or any rule, direction, order or requirement made or imposed thereunder other than where such contravention or failure constitutes an offence in terms of subsections (1), (2) and (3), shall be guilty of an offence under this Act and shall be liable on conviction after trial by a Magistrate, to a fine not exceeding one million rupees or to imprisonment of either description for a term not exceeding one year or to both such fine and imprisonment.

Read on from s 57

Part IX

General

Read on from Part IX