175‑10 Penalty for false or misleading s175‑10 Penalty for false or misleading statements

#### 175‑10 Penalty for false or misleading statements (1) An entity is liable to an administrative penalty if: (a) the entity makes a statement to the Commissioner or to an entity that is exercising powers or performing functions under this Act; and (b) the statement is false or misleading in a material particular, whether because of things in it or omitted from it. > Note: This section applies to a statement made by an entity’s agent as if it had been made by the entity (see subsection 175‑5(2)). (2) An entity is liable to an administrative penalty if: (a) the entity makes a statement to an entity other than: (i) the Commissioner; or (ii) an entity exercising powers or performing functions under this Act; and (b) the statement is, or purports to be, one required or permitted by this Act; and (c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it. Exception for reasonable care (3) The entity is not liable to an administrative penalty under this section if the entity, and the entity’s agent (if relevant), took reasonable care in connection with the making of the statement.