Companies Act (Cap. 386), article 162

162. (1) If a person ceasing to hold office as auditor fails without just cause to comply with the provisions of article 161 he shall be liable to a penalty. (2) In proceedings for a default under sub-article (1) it shall be a defence for the person against whom action is taken to show t hat 108 CAP. 386.] COMP ANIES he took all reasonable steps and exercised all due diligence to avoid that default. (3) If a company makes default in complying with the provisions of article 161, every officer of the company who is in default shall be liable to a penalty, and, for every day during which the default continues, to a further penalty. Chapter X - Accounts, Audit and Annual Return Keeping of accounting records. Amended by: L.N. 425 of 2007; XVIII.2025.17. Cap. 13.