A person who carries on banking business without a licence or contravenes section 17 commits an offence and is liable on summary conviction

(a) in the case of a body corporate or other body of persons to a fine which is equivalent to the amount of deposits received in contravention of this Act, and

(b) in the case of an individual to a fine which is equivalent to the amount of deposits received in contravention of this Act or to a term of imprisonment not exceeding five years.