Offence and penalty 27(1) Any person who contravenes or fails to observe a provision of this Act or a regulation made thereunder, or makes any statement or gives any information under this Act or regulation knowing it to be false or misleading, is guilty of an offence and liable, on summary conviction, (a) if it is an offence under a provision of Part I, to a fine not exceeding $1,000.00 for each day that the contravention or failure to observe continues or, in the case of an individual, to imprisonment for a term not exceeding 30 days or to both the fine and the imprisonment; and (b) if it is an offence under a provision of Part II, to a fine not exceeding $1,000.00 or, in the case of an individual, to imprisonment for a term not exceeding 30 days or to both the fine and the imprisonment.