(1) If the Credit Guarantee Corporation or a Director, Officer, or employee of the Credit Guarantee Corporation fails to comply with a requirement or contravenes a prohibition imposed under Part VIII of the Agreement, the Credit Guarantee Corporation or Director, Officer, or employer is liable —
(a) in the case of the Credit Guarantee Corporation, to a penalty of $30,000, and in the case of a continuing contravention, to a further penalty of $2,000 for each day of default;
(b) in the case of a Director, Officer or employee, to a penalty of $10,000, and in the case of a continuing contravention, to a further penalty of $500 for each day of default.
(2) The penalty imposed under subsection (1) is an administrative penalty that shall be paid to the Central Bank and may be recovered as a civil debt.