Part 17A company's share capital
Chapter 6Public companies: independent valuation of non-cash consideration
Supplementary provisions
607Penalty for contravention of this Chapter
(1)
This section applies where a company contravenes—
section 593 (public company allotting shares for non-cash consideration), or
section 598 (public company entering into agreement for transfer of non-cash asset).
(2)
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—
(a)
on conviction on indictment, to a fine;
(b)
on summary conviction, to a fine not exceeding the statutory maximum.