(1) An officer of a credit union who knowingly or recklessly makes a statement to which this section applies that is misleading, false or deceptive in a material particular shall be guilty of an offence.

(2) This section applies to any statement made to the auditor of a credit union (whether orally or in writing) which conveys, or purports to convey, any information or explanation which he requires under this Act, or is entitled so to require, as auditor of the credit union.

(3) An officer of a credit union who fails to provide to the auditor of the credit union, within five days of the making of the relevant requirement (not including a Saturday, Sunday or public holiday) any information or explanation that the auditor requires as auditor of the credit union and that is within the knowledge of, or can be procured by, the officer shall be guilty of an offence.

(4) In a prosecution for an offence under this section it shall be a defence for the defendant to show -

(a) that it was not reasonably possible for him to comply with the requirement under subsection (3) to which the offence relates within the time specified in that subsection; and

(b) that he complied with that requirement as soon as was reasonably possible after the expiry of that time.