436.
| (1) Where any company has made default in complying with any provision of this Act requiring it to file with, or deliver or send to the Registrar any account, document or return or to give notice to him of any matter, and has by reason of such default committed an offence against this Act, the Registrar may, if he thinks fit, instead of instituting proceedings in court or, where such proceedings have already been instituted, instead of continuing such proceedings against the company or any officer of the company in respect of such offence, accept from the com; or such officer such sum of money as the Registrar think proper in composition of the offence; and any sum so accepted shall be credited to the Fund established under this Act. |
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| (2) Where the Registrar has accepted any sum of money under the provisions of subsection (1) in composition of any offence, proceedings shall not be taken against the company or any officer of the company in respect of that offence, or if already taken, shall not be continued. |
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| (3) Where any sum of money payable in composition of an offence under the provisions of subsection (1) remains unpaid for a period of one month from the date fixed for its payment by the Registrar or such extended time as the Registrar may allow, the Registrar may report the said default in such payment to a Magistrate and the amount thereof shall be recovered from the company or any officer of the company in respect of such default in the same manner as if it were a fine imposed by court, and such court shall direct that the amount in default be credited to the Fund. |
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Sri Lanka Consolidated Acts