Investment Funds, Companies and Miscellaneous Provisions Act 2005
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Miscellaneous amendments of Companies Acts related to penalties. |
73.—(1) The Act of 1963 is amended— | |
(a) in section 115, by substituting the following subsection for subsection (6): | ||
“(6) If any company commences business or exercises borrowing powers in contravention of this section, every person who is responsible for the contravention shall, without prejudice to any other liability, be guilty of an offence and liable to a fine not exceeding €1,904.61.”, | ||
and | ||
(b) in section 128(3), by substituting for “shall be liable to a fine” “shall be guilty of an offence and liable to a fine”. | ||
(2) The Act of 1990 is amended— | ||
(a) in section 60, by substituting the following subsection for subsection (10): | ||
“(10) If default is made in compliance with subsection (9), the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding €1,904.61; and if default is made for 14 days in complying with subsection (6) the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding €1,904.61; and if default is made in complying with section 59 or with subsection (1), (2) or (7) of this section or if an inspection required under this section is refused or any copy required thereunder is not sent within the proper period the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding €1,904.61.”, | ||
(b) in section 80(10), by substituting for “shall be liable to a fine” “shall be guilty of an offence and liable to a fine”, | ||
(c) in section 161(6), by substituting for “shall be liable to a fine” “shall be guilty of an offence and liable to a fine”, and | ||
(d) in section 194(5), (inserted by the Company Law Enforcement Act 2001 ) by inserting “(other than an indictable offence under section 125(2) or 127(12) of the Principal Act)” after “an indictable offence under the Companies Acts”. | ||
(3) Paragraph (d) of section 37 of the Companies (Auditing and Accounting) Act 2003 is repealed. | ||
(4) Schedule 2 to the Companies (Auditing and Accounting) Act 2003 is amended— | ||
(a) in Item No. 1, by deleting in column 2 “115(6)” and “128(4)”, and | ||
(b) by deleting Items No. 8 and 9. |