The Companies Act No. 17 of 2015Section 572 of The Companies Act No. 17 of 2015: Company to register allotment of debentures
(1) A company shall 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 subsection (1), the company, and eachofficer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding one million shillings.
(3) If, after a company or any of its officers is convicted of an offence under subsection (2), the company continues to fail to register an allotment of debentures, the company, and each officer of the company who is in default, commit a further offence on each day on which that failure continues and on conviction are each liable to a fine not exceeding one hundred thousand shillings for each such offence.
Check the current authoritative text and amendment history before relying on this provision.
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