244
CAP. 32]
Companies
[1984 Ed.
Frauds by officers of
companies which
have gone into liquidation.
1929 c. 23. s. 273.
Liability where
proper accounts not kept.
1929 c. 23, s. 274.
(a) on conviction upon indictment to a fine of $50,000 and to
imprisonment for 2 years; and
(b) on summary conviction to a fine of $10,000 and to
imprisonment for 6 months.
(Replaced, 6 of 1984, s. 188)
273. If any person, being at the time of the commission of the alleged offence an officer of a company which is subsequently ordered to be wound up by the court or subsequently passes a resolution for voluntary winding up-
(a) [Deleted, 21 of 1970, s. 35]
(b) with intent to defraud creditors of the company, has made or caused to be made any gift or transfer of or charge on, or has caused or connived at the levying of any execution against, the property of the company;
(c) with intent to defraud creditors of the company, has concealed or removed any part of the property of the company since, or within 2 months before, the date of any unsatisfied judgment or order for payment of money obtained against the company,
he shall be guilty of an offence and liable
(i) on conviction upon indictment to a fine of $50,000 and to imprisonment for 2 years; and
(ii) on summary conviction to a fine of $10,000 and to imprisonment for 6 months.
(Amended, 22 of 1950, s. 3 and 6 of 1984, s. 189)
274. (1) If where a company is wound up it is shown that proper books of account were not kept by the company throughout the period of 2 years immediately preceding the commencement of the winding up, or the period between the incorporation of the company and the commencement of the winding up, whichever is the shorter, every officer of the company who is in default shall, unless he shows that he acted honestly and that in the circumstances in which the business of the company was carried on the default was excusable, be guilty of an offence and liable-
(a) on conviction upon indictment to a fine of $50,000 and to
imprisonment for 2 years; and
(b) on summary conviction to a fine of $10,000 and to imprisonment for 6 months. (Replaced, 6 of 1984, s. 190)
(2) For the purposes of this section, proper books of account shall be deemed not to have been kept in the case of any company if there have not been kept such books or accounts as are necessary, to exhibit and explain the transactions and financial position of the trade or business of the company, including books containing entries from day to day in sufficient detail of all cash received and cash paid, and, where the trade or business has involved dealings in
244
CAP. 32]
Companies
[1984 Ed.
Frauds by officers of
companies which
have gone into liquidation.
1929 c. 23. s. 273.
Liability where
proper accounts not kept.
1929 c. 23, s. 274.
(a) on conviction upon indictment to a fine of $50,000 and to
imprisonment for 2 years; and
(b) on summary conviction to a fine of $10,000 and to
imprisonment for 6 months.
(Replaced, 6 of 1984, s. 188)
273. If any person, being at the time of the commission of the alleged offence an officer of a company which is subsequently ordered to be wound up by the court or subsequently passes a resolution for voluntary winding up-
(a) [Deleted, 21 of 1970, s. 35]
(b) with intent to defraud creditors of the company, has made or caused to be made any gift or transfer of or charge on, or has caused or connived at the levying of any execution against, the property of the company;
(c) with intent to defraud creditors of the company, has concealed or removed any part of the property of the company since, or within 2 months before, the date of any unsatisfied judgment or order for payment of money obtained against the company,
he shall be guilty of an offence and liable
(i) on conviction upon indictment to a fine of $50,000 and to imprisonment for 2 years; and
(ii) on summary conviction to a fine of $10,000 and to imprisonment for 6 months.
(Amended, 22 of 1950, s. 3 and 6 of 1984, s. 189)
274. (1) If where a company is wound up it is shown that proper books of account were not kept by the company throughout the period of 2 years immediately preceding the commencement of the winding up, or the period between the incorporation of the company and the commencement of the winding up, whichever is the shorter, every officer of the company who is in default shall, unless he shows that he acted honestly and that in the circumstances in which the business of the company was carried on the default was excusable, be guilty of an offence and liable-
eñ
(a) on conviction upon indictment to a fine of $50,000 and to
imprisonment for 2 years; and
(b) on summary conviction to a fine of $10,000 and to imprisonment for 6 months. (Replaced, 6 of 1984, s. 190)
(2) For the purposes of this section, proper books of account shall be deemed not to have been kept in the case of any company if there have not been kept such books or accounts as are necessary, to exhibit and explain the transactions and financial position of the trade or business of the company, including books containing entries from day to day in sufficient detail of all cash received and cash paid, and, where the trade or business has involved dealings in
(
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