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.]