Any trust company which makes default in forwarding to the Registrar the verified statement as required by section 21 shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding fifty ringgit for every day during which the default continues, in addition to any penalty which it may incur under the Companies Act 1965, and any director or manager of the company who knowingly and wilfully authorizes or permits the default shall be liable to the like penalty.