Sri Lanka Consolidated Acts

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Companies Act (No. 17 of 1982) - Sect 222

Penalty for contravention of the provisions of section 220 or section 221

222.
(1) An individual who contravenes the provisions of section 220 or section 221 shall be liable-
(a) on conviction on indictment to imprisonment for a term not exceeding ten years or a fine not exceeding fifty thousand rupees or to both such imprisonment and fine;
(b) on conviction after summary trial before a Magistrate to imprisonment for a term not exceeding two years or a fine not exceeding twenty-five thousand rupees or to both such imprisonment and fine.
(2) No transaction shall be void or voidable by reason only that it was entered into in contravention of "the provisions of section 220 or section 221.

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