New Clause 112

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

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Penalty for contravention of this Chapter

‘(1) This section applies where a company contravenes——

section (Public company: valuation of non-cash consideration for shares) (public company allotting shares for non-cash consideration), or

section (Public company: agreement for transfer of non-cash asset in initial period) (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.’.—[Margaret Hodge.]

Brought up, and added to the Bill.