# Companies Act 1948, Section 440: Provision with respect to default fines and meaning of “officer in default ”.


(1) Where by any enactment in this Act it is provided that a company and every officer of the company who is in default shall be liable to a default fine, the company and every such officer shall, for every day during which the default, refusal or contravention continues, be liable to a fine not exceeding such amount as is specified in the said enactment, or, if the amount of the fine is not so specified, to a fine not exceeding five pounds.
(2) For the purpose of any enactment in this Act which provides that an officer of a company who is in default shall be liable to a fine or penalty, the expression “officer who is in default ” means any officer of the company who knowingly and wilfully authorises or permits the default, refusal or contravention mentioned in the enactment.

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Source: https://www.legislation.gov.uk/ukpga/Geo6/11-12/38/section/440 (the official version)
Page: https://openlegislation.uk/companies-act-1948/section-440
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.