Section 26Part 3 — Supplementary provisions
Offences
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A person who is required to make a declaration or to supply information for the purpose of this Act and who —
fails to make the declaration;
fails to supply the information; or
wilfully makes a declaration or supplies information that is —
false;
misleading; or
insufficient for the purpose required,
commits an offence and is liable on conviction to a fine of thirty thousand dollars or to imprisonment for three years.
A person summoned to appear before the Board who, without lawful excuse, fails to appear before the Board in accordance with the summons commits an offence and is liable on conviction to a fine of thirty thousand dollars or to imprisonment for three years.
A Caymanian who, with intent to deceive, in any way represents themselves to be the beneficial owner of a share in a local company or an exempted company carrying on business in the Islands if, whether at law or in honour only —
that persons holds the share in trust for, or on behalf of a person who is not a Caymanian; or
that person holds the share subject to a power of disposition exercisable by a person who is not a Caymanian,
commits an offence and is liable on conviction to a fine of thirty thousand dollars or to imprisonment for three years.
A Caymanian, being a director of a local company or an exempted company carrying on business in the Islands, who enters into any agreement or arrangement, whether binding in law or in honour only, with a person who is not a Caymanian where the purpose, or one of the purposes, of the agreement or arrangement is to satisfy the Board in accordance with section 3(2) that the company is Caymanian controlled when in fact it is not so controlled, commits an offence and is liable on conviction to a fine of thirty thousand dollars or to imprisonment for three years.
Cross References
- Section 3 of Local Companies Control Actexternal
Section 3(2) regarding Caymanian controlled company