Section 7Part 0 —
Offence of neglecting to make return, etc.
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A person who being a director, manager or secretary of a land holding corporation, fails to comply with section 3 commits an offence and is liable on summary conviction to a fine of one thousand dollars and to imprisonment for six months; and every land holding corporation in respect of which default under section 3 is made commits an offence and is liable on summary conviction to a fine of one thousand dollars or three times the duty otherwise payable under this Act whichever is the greater.
In addition to any liability to a penalty under subsection (1), where any sum required to be paid under section 3 is not fully paid by the due date, the corporation concerned shall be liable to pay interest at the rate of ten per centum per annum for the first month or part of a month and thereafter at the rate of twenty per cent per annum upon the amount for the time being remaining unpaid.
Subsection (2) shall apply to any sum that was due under section 3 to be paid by a date earlier than the 1st July, 2006 as though the due date for its payment were the 1st July, 2006.