(1) Any person who operates as a Funds Manager or as a Trustee for a Plan without the relevant approval as required under this Act, commits an offence and is liable on summary conviction to a fine of not less than 2000 penalty units or a term of imprisonment of not less than 10 years or to both.

(2) Any person who operates:

(a) as a Funds Manager to a Plan; or

(b) as a Trustee to a Plan when the approval granted under this Act to operate as such has been revoked or suspended, commits an offence and is liable on summary conviction to a fine of not less than 1000 penalty units or imprisonment for a term of not less than 5 years or to both.

(3) An employer who makes deductions from a contributor's salary for the purpose of contribution to a Plan and who fails to pay the sums deducted to a Funds Manager within fourteen days after the end of the month in which the deduction was made, is liable to pay interest on the amount not remitted at the prevailing 91 day Treasury Bill rate for each day that the amount remained unremitted and if the amount still remained unpaid thirty days after the expiry of the initial fourteen days the employer commits an offence and is liable on summary conviction to a fine of not less than 1000 penalty units or a term of imprisonment of not less than 5 years or to both.

(4) Where a body corporate commits an offence under this Act, every director of that body corporate shall be deemed to have committed that offence unless a director proves that the offence was committed without the director's consent or connivance or that the director exercised all such due diligence to prevent the commission of the offence as the director ought to have exercised having regard to the nature of the director's functions and circumstances.