(1) Where an acquiring transaction is entered into subsequent to approval being given by the Bank, any person who contravenes (whether by act or omission) the approval or any condition of the approval shall be guilty of an offence and shall be liable -
(a) 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
(b) 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.
(2) Where a person is convicted of an offence under this section by reason of his failure, neglect or refusal to comply with a condition of the approval requiring him to perform a specified act within a specified period or before a specified date, and the act remains, after the date of the conviction, unperformed by him, the person shall be guilty of contravening this section on every day on which the contraventi