Section 19Sec./Art. 19

Penalties. - A fine of not less than Two hundred thousand pesos (Php200,000.00) nor more than Five million pesos (Php5, 000.000.00) or imprisonment of not less than six (6) years and one (1) day nor more than twenty - one (21) years, or both at the discretion of the court, shall be imposed upon any person, association, partnership or corporation, its officer, employee or agent, who, acting alone or in connivance with others, shall:

i. Understate or overstate the financial statements of the RElT;

ii. Cause any loss, conversion, misappropriation of the assets, securities or income of the REIT;

iii. Use another person to hold the legal title of the shares of the REIT for his benefit for the purpose of circumventing the minimum public ownership prescribed in Section 8.1 of this Act;

iv. Allow himself to be used by another person to hold legal title to the shares' of the REIT for the purpose of circumventing the minimum public ownership prescribed m Section 8.1 of this Act;

v. Submit false or misleading certification on the minimum public ownership required by this Act; or

vi. Violate any of the provisions of this Act, or the rules and regulations promulgated under authority hereof.

If the offender is a corporation, partnership or association or other juridical entity, the penalty may, at the discretion of the court, be imposed upon such juridical entity and/or upon the officer or officers of the corporation, partnership, association or entity responsible for the violation, and if such officer is an alien, he shall in addition to the penalties prescribed, be deported without further proceedings after service of sentence.

The prosecution and conviction of the offender under this Act and the imposition of the above penalties shall be without prejudice to the administrative, civil and criminal liabilities of the offender under the SRC.

ARTICLE V

MISCELLANEOUS PROVISIONS