Section 40
Liability of managers, etc.
(1)
Where any offence under this Act has been committed by a person, who in this section is referred to as the “principal”, any person who at the time of the commission of the offence was in any manner or to any extent responsible for the management of the business or affairs of the principal or was assisting in such management shall be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he has taken all reasonable precautions as he ought to have taken, having regard to the nature of his functions in that capacity, to prevent the commission of the offence.
(2)
Where any principal would be liable under this Act or any regulation made under this Act to any punishment or penalty, including the revocation of his licence, for any act, omission, neglect or default, he shall be liable to the same punishment or penalty for every such act, omission, neglect or default of any of his servants or agents if such act, omission, neglect or default was committed by such servant in the course of his employment or by the agent when acting on behalf of the principal.