(1) Every trustee and the secretary of a registered plan commits an offence where in respect of that plan, there is default in complying with any of the requirements of this Part relating to—
(a) accounts and reports;
(b) the making of applications for the registration of any amendment to the trust deed or to the rules, or both, of the plan or, the correction of the records in respect of a change in the address of the plan or in the names and addresses of the trustees thereof; or
(c) the giving of notice to the Registrar or the winding-up of the plan.
(2) It is a defence to any proceedings instituted under subsection (1) against the trustees and the secretary of a registered plan to prove that the default occurred without their consent or connivance and was not facilitated by any neglect on their part.
(3) A person who is lawfully required under this Part by the Registrar to furnish any information or explanation which could with reasonable diligence be furnished by him or her makes default in complying with any such requirement within 14 days after written notice thereof has been delivered to him or her, commits an offence.
(4) A person who commits an offence under this Part is liable on summary conviction to a fine of $5,000 and in the case of a continuing offence to a further fine of $100 for every day during which the offence is committed after conviction thereof.