Section 26: Offences and penalties

(1) A person who for the purpose of procuring the registration of any name, qualification or other matter -
(a) makes a statement which he believes to be false in any material particular; or
(b) recklessly makes a statement which is false in any material particular, commits an offence.
(2) A person who, from the commencement of this Act, is not a member of the Institute but practises as a risk manager, in the name of the Institute, for or in expectation of reward, or takes or uses any name, title, addition or description implying that he is in practice as a risk manager from the Institute, commits an offence.
(3) The provision of subsection (2) shall not apply in respect of anything done by a person during the period of three months mentioned under section 21 of this Act.
(4) Where within the three months period mentioned under subsection (3), the person duly applies for membership of the Institute, then, unless within that period he is notified that his application has not been approved, this subsection shall not apply in respect of anything done by him between the end of that period and the date on which he is registered or is notified.
(5) The Registrar or any other person employed by or on behalf of the Institute who wilfully makes any falsification in any matter relating to the register, commits an offence.
(6) A person who commits an offence under this section is liable -
(a) on summary conviction, to a fine not more than N1 00,000; and
(b) on conviction on indictment to a fine not more than or to imprisonment for a term not more than two years. or both.
(7) Where an offence under this section committed by a body corporate is proved to have been committed with the consent or connivance of, or is attributable to any neglect on the part of any director, manager, secretary or other similar officer of the body corporate or any person purporting to act in any such capacity, he, as well as the body corporate, is deemed to have committed the offence and is liable to be proceeded against and punished accordingly.