(1) Any member of the Board of a specified entity who fails to comply with guidelines in respect of the operational procedures referred to in subsection (1) of section 31, is liable to pay to the Authority, an administrative penalty of five hundred penalty units.

(2) Any member of the Board of a specified entity who fails to comply with the Code of Corporate Governance is liable to pay to the Authority, an administrative penalty of five hundred penalty units.

(3) The members of the Board of a specified entity who contravene section 32 are liable to pay to the Authority an administrative penalty of five hundred penalty units.