(1) Every assurance company which contravenes or fails to comply with any of the provisions of this Act, or with any direction lawfully given by the Bank thereunder shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding £1,500.
(2) Where an assurance company has committed an offence under this section, every director, manager, secretary, officer, or employee of such company who is knowingly a party to the commission of such offence by such company shall himself be guilty of an offence under this section and shall on summary conviction thereof be liable to such fine or fines as are mentioned in the first sub-section of this section.
(3) [deleted]
(4) Whenever a syndicate contravenes or fails to comply with the provisions of this Act, or with any direction lawfully given by the Bank thereunder, every member of such syndicate who is knowingly a party to such contravention or failure shall himself be guilty of an offenc
…