(1) This section applies where a company, when required to do by section 662—
(a) fails to cancel any shares, or
(b) fails to make an application for re-registration as a private company,
within the time specified in subsection (3) of that section.
(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 on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level
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