1989 Ed.]
Money Changers
[CAP. 34
7
10. False or misleading representations
(1) A money changer shall not make a false or a misleading statement as to the rate of exchange offered to a customer or potential customer.
(2) A money changer shall not make a false or a misleading statement as to-
(a) the terms of an exchange transaction; or
(b) the application of this Ordinance,
to a customer or a potential customer.
(3) A money changer who contravenes this section commits an offence and is liable to a fine of $5,000 and to imprisonment for 6 months.
11. Criminal liability
(Added 9 of 1989 s. 8)
(1) If a person employed by a money changer does an act which would be an offence under this Ordinance if done by a money changer, each of the following persons is guilty of that offence as if he were a money changer who had committed the offence and each person is liable to the penalty prescribed for the offence--
(a) the person employed by the money changer;
(b) the money changer, unless the money changer took reasonable steps to prevent the commission of the offence; and
(c) where the employer of the person is a corporation, each director, manager, secretary and other similar officer of the corporation and any person purporting to act in any of those capacities unless he took reasonable steps to prevent the commission of the offence.
(2) Subject to subsection (3), for the purposes of this section, a person is deemed to be a director of a corporation if he occupies the position of a director by whatever name he may be called or is a person in accordance with whose directions or instructions a director of the corporation acts.
(3) A person shall not, by reason only that a director of the corporation acts on advice given by him in a professional capacity, be taken to be a person in accordance with whose directions or instructions a director acts.
(4) If a partner in a partnership of money changers commits an offence under this Ordinance, each other partner shall be guilty of the offence unless he took reasonable steps to prevent the commission of the offence.
(5) Where under this section a person employed by a money changer is deemed to have committed an offence-
(a) his employer; and
(b) where the employer is a corporation, each director, manager, secretary, person purporting to act as a director, manager or secretary of the corporation,
1989 Ed.]
Money Changers
[CAP. 34
7
10. False or misleading representations
(1) A money changer shall not make a false or a misleading statement as to the rate of exchange offered to a customer or potential customer.
(2) A money changer shall not make a false or a misleading statement
as to-
(a) the terms of an exchange transaction; or
(b) the application of this Ordinance,
to a customer or a potential customer.
(3) A money changer who contravenes this section commits an offence and is liable to a fine of $5,000 and to imprisonment for 6 months.
11. Criminal liability
(Added 9 of 1989 3. 8)
(1) If a person employed by a money changer does an act which would be an offence under this Ordinance if done by a money changer, each of the following persons is guilty of that offence as if he were a money changer who had committed the offence and each person is liable to the penalty prescribed for the offence--
(a) the person employed by the money changer;
(b) the money changer, unless the money changer took reasonable
steps to prevent the commission of the offence; and
(c) where the employer of the person is a corporation, each director, manager, secretary and other similar officer of the corporation and any person purporting to act in any of those capacities unless he took reasonable steps to prevent the commission of the offence.
(2) Subject to subsection (3), for the purposes of this section, a person is deemed to be a director of a corporation if he occupies the position of a director by whatever name he may be called or is a person in accordance with whose directions or instructions a director of the corporation acts.
(3) A person shall not, by reason only that a director of the corporation acts on advice given by him in a professional capacity, be taken to be a person in accordance with whose directions or instructions a director acts.
(4) If a partner in a partnership of money changers commits an offence under this Ordinance, each other partner shall be guilty of the offence unless he took reasonable steps to prevent the commission of the offence.
(5) Where under this section a person employed by a money changer is deemed to have committed an offence-
(a) his employer; and
(b) where the employer is a corporation, each director, manager, secretary, person purporting to act as a director, manager or secretary of the corporation,
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