Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 499

499. (1) If default is made by an investment company in complying with any of
the provisions of this Division, the investment company and any officer of the
investment company who is in default are each guilty of an offence.

(2) A transaction entered into by the company is not invalid by reason only of
such a default.

Penalty: $5,000.