114. (1) An ICAV that contravenes any of sections 109 to 113 commits a category 1 offence.

(2) A director of an ICAV who fails to take all reasonable steps to secure compliance by the ICAV with the requirements of any of sections 109 to 113, or has by his or her own intentional act been the cause of any default by the ICAV under any of them, commits a category 1 offence.

(3) In any proceedings against a person in respect of an offence under subsection (2) consisting of a failure to take reasonable steps to secure compliance by an ICAV with the requirements of any of sections 109 to 113, it shall be a defence to prove both of the following:

(a) that the defendant had reasonable grounds for believing and did believe that a competent and reliable person was—

(i) charged with the duty of ensuring that those requirements were complied with, and

(ii) in a position to discharge that duty;

(b) that the discharge of that duty by such competent and reliable person was monitored by the defendant by means of reasonable methods properly used.