Part 17A company's share capital
Chapter 6Public companies: independent valuation of non-cash consideration
Transfer of non-cash asset in initial period
602Copy of resolution to be delivered to registrar
(1)
A company that has passed a resolution under section 601 with respect to the transfer of an asset must, within 15 days of doing so, deliver to the registrar a copy of the resolution together with the valuer's report required by that section.
(2)
If a company fails to comply with subsection (1), an offence is committed by—
(a)
the company, and
(b)
every officer of the company who is in default.
(3)
A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, to a daily default fine not exceeding one-tenth of level 3 on the standard scale.