Section 373 — Companies Act 1993: Penalty for failure to comply with Act

373 Penalty for failure to comply with Act (1) A person convicted of an offence against any of the following sections of this Act is liable to a fine not exceeding $5,000: (1) Section 25(5)(a) (which relates to the use of a company name): (2) Section 47(7) (which relates to the consideration for which shares are issued): (3) Section 49(5) (which relates to the consideration for which convertible securities, options, and shares are issued): (4) Section 52(5) (which relates to distributions to shareholders): (5) Section 60(7) (which relates to offers to shareholders to acquire shares): (6) Section 61(9) (which relates to the procedure for making a certain type of offer to shareholders): (7) Section 61(10)(a) (which relates to the procedure for making a certain type of offer to shareholders): (8) Section 63(9) (which relates to stock exchange acquisitions of a company's own shares subject to prior notice to shareholders): (9) Section 65(3)(a) (which relates to stock exchange acquisitions of a company's own shares without prior notice to shareholders): (10) Section 69(6) (which relates to the redemption of shares at the option of a company): (11) Section 70(4) (which relates to the requirement for a company to satisfy the solvency test on the redemption of shares): (12) Section 71(8) (which relates to special redemptions of shares): (13) Section 71(9)(a) (which relates to special redemptions of shares): (14) Section 76(7) (which relates to offers of financial assistance to acquire shares): (15) Section 77(4) (which relates to the requirement to satisfy the solvency test): (16) Section 78(8) (which relates to offers of financial assistance in certain cases): (17) Section 78(9)(a) (which relates to offers of financial assistance in certain cases): (18) Section 80(2)(a) (which relates to the provision of financial assistance not exceeding 5 percent of shareholders' funds): (19) Section 83(5)(a) (which relates to statements of shareholders' rights): (20) Section 84(6)(a) (which relates to the transfer of shares): (21) Section 85(2)(a) (which relates to the transfer of shares under an approved system): (22) Section 95(7)(a) (which relates to share certificates): (23) Section 108(6) (which relates to the requirement to satisfy the solvency test): (24) Section 122(7)(a) (which relates to resolutions in lieu of meetings): (25) Section 218(2)(a) (which relates to the obligation to provide copies of documents): (26) Section 221(6) (which relates to approval of an amalgamation proposal): (27) Section 222(6) (which relates to short form amalgamations): (27A) section 239AEA(3) (which relates to the failure by a company in administration to disclose the fact of administration): (27B) section 239AW(4) (which relates to attendance by a director at a watershed meeting): (28) Section 243(10) (which relates to the duty of a liquidator to summon meetings of creditors). (2) A person convicted of an offence against any of the following sections of this Act is liable to a fine not exceeding $10,000: (a) Section 34(3) (which relates to an alteration to the constitution of a company by the Court): (b) Section 87(4)(a) (which relates to the obligation to keep a share register): (c) Section 88(5)(a) (which relates to the place where the share register must be kept): (d) Section 90(2) (which relates to the duties of directors in relation to the share register): (e) Section 140(4) (which relates to the disclosure of directors' interests): (f) Section 179(8) (which relates to disclosure and use of information obtained in the course of an investigation): (g) Section 189(5)(a) (which relates to company records): (h) Section 195(3)(a) (which relates to the place where accounting records must be kept): (i) Section 196(7)(a) (which relates to the appointment of an auditor): (j) Section 206(4) (which relates to access to information by auditors): (k) Section 215(2)(a) (which relates to public inspection of company records): (l) Section 216(2)(a) (which relates to inspection of company records by shareholders): (m) Section 250(7) (which relates to the termination of the liquidation of a company): (ma) section 258A(2) (which relates to the duty of liquidators to notify suspected offences): (n) Section 280(3) (which relates to the qualifications of liquidators): (o) Section 333(5)(a) (which relates to name reservation by overseas companies): (p) Section 334(6)(a) (which relates to the registration of overseas companies): (q) Section 339(2)(a) (which relates to changes in the constitution of an overseas company): (r) Section 340(6)(a) (which relates to the filing of annual returns by overseas companies): (s) Section 365(5) (which relates to the Registrar's powers of inspection): (t) Section 366(4) (which relates to the disclosure of information and reports obtained during an investigation): (u) Section 381 (which relates to improper use of the word Limited ). (3) A person convicted of an offence against any of the following sections of this Act is liable to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years: (a) section 261(6A) (which relates to the power of liquidators to obtain documents and information): (b) section 273(2) (which relates to certain prohibited conduct): (c) 274(2) section (which relates to the duty to identify and deliver property). (4) A person convicted of an offence against any of the following sections of this Act is liable to imprisonment for a term not exceeding 5 years or to a fine not exceeding $200,000: (a) Section 304(6) (which relates to false claims by unsecured creditors in liquidations): (b) Section 305(11) (which relates to false claims by secured creditors in liquidations): (c) Section 377 (which relates to false statements): (d) Section 378 (which relates to the fraudulent use or destruction of property): (e) Section 379 (which relates to falsifying records): (f) Section 380 (which relates to carrying on business fraudulently): (g) Section 382(4) (which relates to persons prohibited from managing companies): (h) Section 383(5) (which relates to acting as a director of a company while prohibited by the Court): (i) Section 385(9) (which relates to acting as a director of a company or taking part in the management of a company while prohibited by the Registrar). (j) section 386A(2) (which relates to acting as a director of a phoenix company). Subsection (1)(2) was amended, as from 1 July 1994, by section 46 Companies Act 1993 Amendment Act 1994 (1994 No 6) by substituting the expression “ section 47(7) ” for the expression “ section 40(7) ” . Section 373(1)(27A): inserted, on 1 November 2007, by section 39(1) of the Companies Amendment Act 2006 (2006 No 56). Section 373(1)(27B): inserted, on 1 November 2007, by section 39(1) of the Companies Amendment Act 2006 (2006 No 56). Subsection (2)(ma) was inserted, as from 3 May 2001, by section 14(1) Companies Act 1993 Amendment Act 2001 (2001 No 18). Subsection (3)(a) and (b) was substituted, and subsection (3)(c) was inserted, as from 3 May 2001, by section 14(2) Companies Act 1993 Amendment Act 2001 (2001 No 18). Section 373(4)(j): added, on 1 November 2007, by section 39(2) of the Companies Amendment Act 2006 (2006 No 56).