Section 378 — Companies Act 1993: Fraudulent use or destruction of property

378 Fraudulent use or destruction of property Every director, employee, or shareholder of a company who— (a) Fraudulently takes or applies property of the company for his or her own use or benefit, or for a use or purpose other than the use or purpose of the company; or (b) Fraudulently conceals or destroys property of the company— commits an offence, and is liable on conviction to the penalties set out in section 373(4) of this Act. Compare: 1955 No 63 s 461A; 1980 No 43 s 47