(1) Where a prospectus issued after the operative date includes any untrue statement, any person who authorised the issue of the prospectus shall be liable -
(a) on conviction on indictment, to imprisonment for a term not exceeding 5 years, or a fine not exceeding £2,500, or both; or
(b) on summary conviction, to imprisonment for a term not exceeding 6 months, or a fine not exceeding £1,500, or both;
unless he proves either that the statement was immaterial or that he had reasonable ground to believe and did, up to the time of the issue of the prospectus, believe that the statement was true.
(2) A person shall not be deemed for the purposes of this section to have authorised the issue of a prospectus by reason only of his having given the consent required by section 46 to the inclusion therein of a statement purporting to be made by him as an expert.