(1) A person who purports to act as trustee of a scheme or trust RAC while prohibited from being a trustee of a scheme or trust RAC under section 59A or removed from being a trustee of a scheme or trust RAC under section 63 or suspended from being a trustee of a scheme or trust RAC under section 63A shall be guilty of an offence and shall be liable -
(a) on summary conviction to a fine not exceeding €5000 or to imprisonment for a term not exceeding one year, or to both,
(b) on conviction on indictment to a fine not exceeding €25,000 or to imprisonment for a term not exceeding two years, or to both.
(2) A fine imposed under this section shall not be paid out of the resources of any scheme or trust RAC, as the case may be.