(1) A system participant or an operator must notify the Central Bank if it goes into bankruptcy or insolvency and must give the notice as soon as practicable after such proceedings are instituted.
(2) Subject to subsection (3), a system participant or an operator who contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $100,000.
(3) In proceedings for an offence under this section, it is a defence for the person charged to show to the satisfaction of the Court that the person took reasonable steps to comply with subsection (1).