(1) A manager shall not issue shares or a person owning or having an interest in shares in the manager shall not transfer or otherwise dispose of or deal in those shares or that interest unless—
(a) the Minister has given his or her approval to the issue, transfer, disposal or dealing; or
(b) the Minister has in respect of the manager waived the obligation to obtain that approval, and any conditions of the approval or waiver are complied with.
(2) A manager who contravenes subsection (1) commits an offence, and is liable on conviction to a fine of $100,000 or to imprisonment for a term not exceeding 3 years or to both.