Section 7 Penalties for defaults.P1

If, in respect of any registered fund, default is made in complying with any of the requirements of this Act relating to accounts and reports, in making application in accordance with the requirements of this Act for the registration of any amendment of the rules or for correction of the register in respect of any change in the address of the fund or in the names and addresses of the trustees, or in sending to the F1Authority notice of the winding up of the fund, every trustee and the secretary of the fund shall be guilty of an offence under this Act:

If any person lawfully required under this Act by the Authority to furnish any information or explanation which could with reasonable diligence be furnished by him, makes default in complying with any such requirement within fourteen days after written notice thereof has been delivered to him, he shall be guilty of an offence under this Act.

Any person guilty of an offence under this Act shall be liable on summary conviction to a fine not exceeding F2level 1 on the standard scale,and, in the case of an offence consisting of a continuing default, to a fine not exceeding F3£10 for every week in which the default has been continued.