S.L. 16.18 Art. 16Administrative penalties.

(1) Where any of these regulations provide for the imposition of a penalty, the amount of such penalty shall be determined by reference to the Schedule, which specifies the maximum penalty that may be imposed by the Registrar for Legal Persons under any of the provisions of these regulations.

(2) In the Schedule, the first column indicates the regulation and sub-regulation which prescribes that a penalty shall be imposed, the second column gives a general description of the infringement, which description shall not be relied on in interpreting any provision of these regulations, the third column prescribes the maximum penalty and the fourth column prescribes the maximum daily default penalty. The penalty shall become due on the day on which the default occurs and the daily default penalty shall be due for every day during which the default continues and shall accrue from the day following that on which the default occurs.

(3) Action by the Registrar for Legal Persons for the recovery of a penalty under these regulations shall be prescribed by the lapse of five (5) years from the day on which the default occurs.

(4) A foundation shall be jointly and severally liable with its administrators for the payment of any administrative penalties imposed under these regulations.

(5) The provisions of the Schedule shall apply to any penalty imposed by the Registrar for Legal Persons under these regulations.