27.
| (1) Every-
| | (a) person who fails to comply with, or contravene, the provisions of section 6 or section 7 or subsection (1) of section 25; | | |
| | (b) person who fails to comply with any requirement imposed on him under subsection (2) of section 25 or knowingly furnishes any false information in compliance with any such requirement; | | |
| | (c) director, officer or auditor of a specified business enterprise who fails to appear before the Board when required to do so under subsection (3) of section 25 or section 26, or who refuses to answer any question put to him by the Board or a person duly authorized by the Board or who refuses to produce any book or document in his possession or control when required to do so by the Board or a person duly authorized by the Board or knowingly gives any false answer to any question put to him by the Board or a person duly authorized by the Board, | | |
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| (2) Where a person is convicted of an offence under this Act and the court holds that the act constituting such offence was done with the intention of misleading the share holders of a specified business enterprise or any financial institution dealing with such specified business enterprise or the Inland Revenue Department or where a licensed commercial bank is convicted of an offence under this Act and the court holds that the act constituting the offence was done with the intention of misleading the depositors of such bank, the court may sentence the offender to imprisonment of either description for a term not exceeding five years. |
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| (3) Where an offence under this Act, is committed by a body corporate, any person who is at the time of the commission of the offence, a director, manager, secretary or other similar officer of that body corporate shall be deemed to be guilty of that offence unless he proves that the offence was committed without his knowledge or connivance and that he exercised all such diligence to prevent the commission of that offence as he ought to have exercised having regard to the nature of his functions and all the circumstances of the case. |
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Sri Lanka Consolidated Acts