(1) This section applies where a company contravenes—
section 593 (public company allotting shares for non-cash consideration), or
section 598 (public company entering into agreement for transfer of non-cash asset).
(2) An offence is committed by—
(a) the company, and
(b) every officer of the company who is in default.
(3) A person guilty of an offence under this section is liable—
(a) on conviction on indictment, to a fine;
(b) on summary conviction, to a fine not exceeding the statutory maximum.
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