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.