Part 17 A company’s share capital

Chapter 6 Public companies: independent valuation of non-cash consideration

Supplementary provisions

607 Penalty 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.