112Liability of directors etc for offences by corporation—offences attracting executive liability

112 Liability of directors etc for offences by corporation—offences attracting executive liability

112 Liability of directors etc for offences by corporation—offences attracting executive liability

(1) For the purposes of this section, an executive liability offence is an offence against any of the following provisions of this Act that is committed by a corporation—

(a) section 7 (1),

(b) section 8 (1),

(c) section 9 (1),

(d) section 10 (1),

(e) section 11 (1),

(f) section 12,

(g) section 13,

(h) section 14 (2),

(i) section 15 (1),

(j) section 17,

(k) section 19 (4),

(l) section 25,

(m) section 39 (4),

(n) section 41 (2),

(o) section 42 (4),

(p) section 59,

(q) section 65 (5).

(2) A person commits an offence against this section if—

(a) a corporation commits an executive liability offence, and

(b) the person is—

(i) a director of the corporation, or

(ii) an individual who is involved in the management of the corporation and who is in a position to influence the conduct of the corporation in relation to the commission of the executive liability offence, and

(c) the person—

(i) knows or ought reasonably to know that the executive liability offence (or an offence of the same type) would be or is being committed, and

(ii) fails to take all reasonable steps to prevent or stop the commission of that offence.

Maximum penalty—The maximum penalty for the executive liability offence if committed by an individual.