(1) A person commits an offence who makes or assists in making a report, return, notice or other document, required in this Act or the regulations to be sent to the Registrar or any other person, which—
(a) contains an untrue statement of a material fact; or
(b) does not state a material fact required in the report or necessary to make a statement contained in the report not misleading in the light of the circumstances in which it was made.
(2) A person who commits an offence under subsection (1) is liable on summary conviction—
(a) in the case of an individual, to a fine of $5,000 or to imprisonment for a term of one year or both;
(b) in the case of a person other than an individual, to a fine of $30,000.
(3) Where the person who commits an offence under subsection (1) is a body corporate and whether or not the body corporate has been prosecuted or convicted, any director or officer for the body corporate who authorises, permits or acquiesces in the offence also commits an offence and is liable on summary conviction to a fine of $5,000 or to imprisonment for a term of 6 months or both.
(4) A person does not commit an offence under subsection (1) or (3) where the untrue statement or omission—
(a) was unknown to him or her; and
(b) in the exercise of reasonable diligence, could not have been known to him or her.