(1) Subject to subsection (2), where a body corporate commits an offence under this Act, every director, manager, secretary or other similar officer concerned with the offence is liable on conviction on indictment to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(2) A director, manager, secretary or other similar officer concerned with the management of a body corporate is not liable for an offence under this Act unless the court is satisfied—
(a) that the offence was committed with the person's connivance; or
(b) the person had not exercised all such diligence to prevent the commission, having regard to the nature of functions in that capacity and to all the circumstances.
(3) A body corporate which commits an offence against this Act is liable on conviction or on indictment to a fine not exceeding $100,000.
(4) In this section “director” in relation to a body corporate whose affairs are managed by its members, means a member of the body corporate.