Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part IX · Miscellaneous
110. Offence by an individual
Feedback & supportWhere a person is liable under this Act to a penalty for any act, omission, neglect or default, he shall be liable to the same penalty for the act, omission, neglect or default of his employee, director, controller, or agent if the act, omission, neglect or default was committed by—
person
“person” includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
his employee in the course of the employee’s employment;
his director in carrying out the function of a director;
director
“director” includes any person who occupies the position of a director, and includes a person in accordance with whose directions and instructions the directors or officers are accustomed to act and an Development Financial Institutions 19 alternate or substitute director, and without prejudice to the foregoing, in the case of— (a) a co-operative society, means a member of the board, or other governing body, of the co-operative society; (b) a statutory body, means a member of the board, committee, council or other governing body of the statutory body; (c) a partnership, means a partner; (d) a sole proprietorship, means the sole proprietor; and (e) any other body, association or group of persons, whether corporate or unincorporate, means a person having the direction and control of the management of its business or affairs;
his controller in carrying out the function of a controller; or
controller
“controller”, in relation to an institution, means a person who— (a) has an interest in more than fifty per cent of the shares of the institution; (b) has the power to appoint or cause to be appointed a majority of the directors of the institution; (c) has the power to make or cause to be made decisions in respect of the business or administration of the institution, and to give effect to such decisions or cause them to be given effect to; or (d) in accordance with whose directions, instructions or wishes the directors, chief executive officer or senior officers of the institution are accustomed or under obligation, whether formal or informal, to act, and the word “control” shall be construed accordingly;
his agent when acting on his behalf.