Under Section 25(1) of the Banning of Unregulated Deposit Schemes Act, 2019, where an offence is…
Section 25(1) deems guilty those in charge of and responsible to the non-individual deposit taker for its business when the offence occurred, along with the deposit taker.…
Choose your answer
Under Section 25(1) of the Banning of Unregulated Deposit Schemes Act, 2019, where an offence is committed by a deposit taker other than an individual:
Answer and explanation
Correct answer C
Section 25(1) deems guilty those in charge of and responsible to the non-individual deposit taker for its business when the offence occurred, along with the deposit taker. Subsection (2) preserves proof of absence of knowledge or exercise of all due diligence. Mere director status is not by itself sufficient.