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Regulation 72 Penalties for non-compliance

Original text. Later amendments are not shown.

(1)

If a company fails to comply with regulation 69(1) or 71(1) or (3) within the period allowed for compliance, an offence is committed by—

(a)

the company, and

(b)

every person who immediately before the end of that period was a director of the company.

(2)

A liquidator who fails to comply with regulation 70(1) or (3)(a) or (b) within the period allowed for compliance commits an offence.

(3)

A person who takes all reasonable steps to secure compliance with the requirements concerned does not commit an offence under this regulation.

(4)

A person guilty of an offence under this regulation is liable—

(a)

on conviction on indictment, to a fine;

(b)

on summary conviction to a fine not exceeding the statutory maximum and, for continued contravention, a daily default fine not exceeding one-fiftieth of the statutory maximum.