Intellectual Property Rights from Publicly Financed Research and
R 385
Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001)Chapter 2 : Enforcement10. Offences |
| (1) | A person who contravenes or fails to comply with any provision of Chapter 1 is guilty of an offence and on conviction liable to a fine not exceeding R10 million or to imprisonment for a period not exceeding 10 years, or to both such fine and such imprisonment. |
[Subsection 1 amended by section 174 of Act No. 45 of 2013]
| (2) | A court may, in addition to any penalty it may impose in terms of subsection (1), order that such person— |
| (a) | pay the institution or principal concerned any profit he or she made; and |
| (b) | compensate the institution or principal concerned for any damage suffered, as a result of the contravention or failure. |
| (3) | A court may, in addition to any penalty imposed in terms of subsection (1) and an order made in terms of subsection (2), order that such person may not serve as a director, member, partner or manager of any financial institution for such period as the court may deem fit. |
