Contingency Fees Act, 1997
R 385.00
Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 17 : MiscellaneousPart 3 : Offences and penalties276. Liability in relation to juristic persons |
| (1) | If— |
| (a) | a financial institution commits an offence in terms of a financial sector law; and |
| (b) | a member of the governing body of the financial institution failed to take all reasonably practicable steps to prevent the commission of the offence, |
the member of the governing body commits the like offence, and is liable on conviction to a penalty not exceeding the penalty that may be imposed on the financial institution for the offence.
| (2) | If— |
| (a) | a key person of a financial institution engages in conduct that amounts to a contravention of a financial sector law; and |
| (b) | the financial institution failed to take all reasonably practicable steps to prevent the conduct, |
the financial institution must be taken also to have engaged in the conduct.
