(1) Any person who with intent to defraud—
(a) makes an application for the registration of any land as a holding;
(b) makes an application for the transfer of registration of a holding;
(c) submits a return for insurance benefit; or
(d) submits an annual statement under section 12,
knowing the same to be false in any material particular commits an offence against this Act and in addition to any penalty for such offence is liable to forfeit any claim for insurance benefit from the Fund.
(2) Any person who commits an offence under this Act is liable on summary conviction to a fine not exceeding $250 or to imprisonment with or without hard labour for a term not exceeding 6 months.