Any director, officer, secretary or other officer concerned in the management of a licensed financial institution or licensed financial holding company who —
(a) fails to take all reasonable steps to secure compliance by the licensed financial institution or the licensed financial holding company with the requirements of this Act; or
(b) is implicated in an offence committed under section 93, commits an offence and is liable on summary conviction to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 2 years or to both such fine and imprisonment, unless a different penalty is specified by another section of this Act.