PART III CORPORATE CODE

Operation

Punishment for fraudulent trading64

1

If any business of an open-ended investment company is carried on with intent to defraud creditors of the company or creditors of any other person, or for any fraudulent purpose, every person who was knowingly a party to the carrying on of the business in that manner is guilty of an offence and liable—

a

on conviction on indictment, to imprisonment not exceeding a term of two years or to a fine or to both;

b

on summary conviction, to imprisonment not exceeding a term of three months or to a fine not exceeding the statutory maximum or to both.

2

This regulation applies whether or not the company has been, or is in the course of being, wound up (whether by the court or otherwise).