The Act of 1971 is hereby amended by the substitution of the following section for section 58:

"58.

(1) Any person who contravenes section 7, 14, 17, 18 or 27 of this Act and a holder of a licence who -

(a) has obtained a licence through false statements or any other irregular means,

(b) contravenes section 19, 20, 26, 31 or 33 of this Act,

(c) commits by act or omission a breach of a condition duly imposed and which relates to a licence,

(d) fails to comply with a direction under section 11 (3) (c) (inserted by section 34 of the Central Bank Act, 1989), 21 or 22 of this Act, or a requisition under section 23 of this Act, or

(e) contravenes regulations under section 24 or 25 of this Act,

shall be guilty of an offence and shall be liable -

(i) on summary conviction, to a fine not exceeding £1,000 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or

(ii) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years, or to both,