(1) A person who makes or assists in making a report, return, notice or other document—
(a) that is required by this Act or the regulations to be sent to the Registrar or to any other person; and
(b) that—
(i) contains an untrue statement of a material fact, or
(ii) omits to state a material fact required in the report, return, notice or other document, or necessary to make a statement contained therein not misleading in the light of the circumstances in which it was made,
commits an offence and is liable on summary conviction to a fine of $5,000 or to imprisonment for a term of 6 months, or to both.
(2) A person does not commit an offence under subsection (1) if the making of the untrue statement or the omission of the material fact was unknown to him or her and with the exercise of reasonable diligence could not have been known to him or her.
(3) When an offence under subsection (1) is committed by a body corporate and a director or officer of that body corporate knowingly authorised, permitted or acquiesced in the commission of the offence, the director or officer also commits the offence and is liable on summary conviction to a fine of $5,000 or to imprisonment for a term of 6 months, or to both.