(1) A company must register an allotment of debentures as soon as practicable and in any event within two months after the date of the allotment.
(2) If a company fails to comply with this section, 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 3 on the standard scale.
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