Companies Act (Cap. 386), article 427

427. ( 1 ) W h e r e a n y p r o v i s i o n o f t h i s A c t p r o v i d e s f o r t h e imposition of a penalty, the amount of such penalty shall be determined by reference to the Eleventh Schedule, which specifi es the maximum penalty that may be imposed by the Registrar under any of the provisions of this Act. (2) In the Eleventh Schedule, t he first column indicates the article and sub-article of this Act which prescribes that a pen alty shall be imposed, the second column gives a general description of the infringement, which description shall not be relied on in interpreting any provision of this Act, the third column prescr ibes the maximum penalty and the fourth column prescribes the maximum daily default penalty, if any. The penalty shall become due on the day on which the default occurs and the daily defaul t penalty shall be due for every d ay during which the default continues and shall acc rue from the day following that on which the default occurs. (3) Action by the Registrar for the recovery of a penalty under this Act shall be prescribed by the lapse of five years from th e day on which the default occurs. (4) A company shall be jointly and severally liable with its officers for the payment of any administrative penalties impose d under this Act. COMP ANIES [CAP. 386. 271 PART XIII - TRANSITIONAL AND FINAL PROVISIONS Transitional provisions. Amended by: XXX. 1997.2; IV . 2003.162; XII. 2006.73; L.N. 425 of 2007.