(1) A licensee shall not wilfully fail to file the report or to pay or deliver property presumed to be abandoned into the custody of the Authority in accordance with section 29 (1) or 30 (4).
(2) A licensee who contravenes subsection (1) commits an offence, is liable on summary conviction to a fine not exceeding $1,000 or to imprisonment for a term not exceeding 3 months or to both.