(1) If a company does business or exercises any borrowing powers in contravention of section 761, an offence is committed by—
(a) the company, and
(b) every officer of the company who is in default.
(2) A person guilty of an offence under subsection (1) is liable—
(a) on conviction on indictment, to a fine;
(b) on summary conviction, to a fine not exceeding the statutory maximum.
(3) A contravention of section 761 does not affect the validity of a transaction entered into by the company, but if a company—
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