Marginal note:Offence

1023. Every person who, without reasonable cause, contravenes any provision of this Act or the regulations is guilty of an offence.

Marginal note:False or misleading information

1023.1 Every person who knowingly provides false or misleading information in relation to any matter under this Act or the regulations is guilty of an offence.

Marginal note:Undue preference to creditor

1024. Every director, officer or employee of a company or a society who wilfully gives or concurs in giving to any creditor of the company or society any fraudulent, undue or unfair preference over other creditors, by giving security to the creditor, by changing the nature of the creditor’s claim or otherwise, is guilty of an offence.

Marginal note:Failure to provide information

1025. Every person who, without reasonable cause, refuses or fails to comply with a requirement made under paragraph 674(3)(b) or 1000(3)(b) is guilty of an offence.

Marginal note:Use of name

1026. Except to the extent permitted by the regulations, every person who uses the name of a company or of an insurance holding company in a prospectus, offering memorandum, takeover bid circular, advertisement for a transaction related to securities or in any other document in connection with a transaction related to securities is guilty of an offence.

Marginal note:Punishment

• 1027. (1) Every person who is guilty of an offence under any of sections 1023 to 1026 is

  • (a) in the case of a natural person, liable

    • (i) on summary conviction, to a fine of not more than $100,000 or to imprisonment for a term of not more than twelve months, or to both, or

    • (ii) on conviction on indictment, to a fine of not more than $1,000,000 or to imprisonment for a term of not more than five years, or to both; and

  • (b) in the case of an entity, liable

    • (i) on summary conviction, to a fine of not more than $500,000, or

    • (ii) on conviction on indictment, to a fine of not more than $5,000,000.

• Marginal note:Order to comply

  (2) If a person has been convicted of an offence under this Act, the court may, in addition to any punishment it may otherwise impose, order the person to comply with the provisions of this Act or the regulations in respect of which the person was convicted.

• Marginal note:Additional fine

  (3) If a person has been convicted of an offence under this Act, the court may, if it is satisfied that as a result of the commission of the offence the convicted person acquired any monetary benefits or that monetary benefits accrued to the convicted person or their spouse, common-law partner or other dependant, order the convicted person to pay, despite the maximum amount of any fine that may otherwise be imposed under this Act, an additional fine in an amount equal to three times the court’s estimation of the amount of those monetary benefits.