(1) Where an acquiring transaction is proposed, each of the undertakings involved and having knowledge of the existence of the proposal shall notify the Bank in writing of the proposal as soon as may be.
(2) Where, having received a notification under this section from any of the undertakings involved, the Bank is of opinion that in order to consider for the purposes of this Chapter a proposed acquiring transaction it requires further information it may, within one month of the date of receipt by it of a notification, request such further information in writing from any one or more of the undertakings concerned.
(a) Where there is a contravention of subsection (1) the person in control of an undertaking failing to notify the Bank 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