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PART - XII
PENALTIES AND PROSECUTIONS
Penalties By
Way of Imprisonment or Fine
80. i. The following
acts or omission shall be offences :
a. failure to include
in the prospectus particulars prescribed under section 19;
b. use
of moneys received on application for
any purpose not specified in section 20;
c. registration
of transfers in favour of non-Bhutanese persons in contravention
of section 23;
d. grant of
loan in contravention of section 31;
e. making of
investments in contravention of section 32;
f. giving of
guarantees in contravention of section 33;
g. failure to
keep books of accounts as required by section 35;
h. failure
to prepare annual accounts and the Board's
Report as required by section 38 and 39;
i. failure to
hold Annual General Meetings as required by section 67;
j. breach of
an order under section 85;
k. actions
taken by Directors or officers of a company beyond
the scope of the objects given in the Articles of Incorporation;
l. unauthorised
or improper use of a company's seal by a Director or officer of the
company or by any other person;
m. failure
to file Annual Returns or to maintain
registers as prescribed in the Act.
ii. Any person
committing an offence shall be liable to a fine upto Nu.
10,000 or imprisonment upto three months or both.
iii. Nothing contained
in section (ii) shall render any person liable to any punishment
if he proves that the offence was committed without his knowledge
or that he had exercised all due diligence to prevent
the commission of an offence.
Offences
By Companies
81. Where an
offence is committed by a company, the Board
and the management shall be jointly responsible and liable to punishment.
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