PART 4Protected Cell Companies
CHAPTER 5Operation of a protected cell company
Offence of carrying on other activities58.
(1)
A protected cell company that contravenes the prohibition in regulation 57(2) is guilty of an offence and liable—
(a)
on summary conviction, to imprisonment for a term not exceeding six months or—
(i)
in England and Wales, a fine, or both;
(ii)
in Scotland or Northern Ireland, a fine not exceeding the statutory maximum, or both;
(b)
on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.
(2)
In proceedings for an offence under paragraph (1), it is a defence for the accused to show that it took all reasonable precautions and exercised all due diligence to avoid committing the offence.