(1) Any person who -
(a) obtains possession by false representation of any property of a credit union, or
(b) having any such property in his possession, withholds or misapplies it or wilfully applies any part of it to purposes which are not authorised by the rules of the credit union or which are not in accordance with this Act,
shall be guilty of an offence and may be ordered to deliver up that property or to repay all money improperly applied.
(2) A person guilty of an offence under subsection (1) shall be liable -
(a) on summary conviction to a class C fine or to imprisonment for a term not exceeding one year or both; or
(b) on conviction on indictment to a fine not exceeding £10,000 or to imprisonment for a term not exceeding five years or both.