39.—Where an investment limited partnership contravenes—

(a) any of the provisions of this Act, or

(b) any regulations made in relation thereto under this Act, or

(c) any condition in relation to its authorisation or business imposed by the Bank,

F96[each of the following who is in default, namely—

(i) a general partner, and

(ii) any limited partner who, at the time of the contravention, purported to take part in the conduct of the business of the investment limited partnership,

shall be guilty of an offence (but this section does not apply in respect of a contravention to which section 13 applies).]