Companies Act 2014

270.

Meaning of “in default” in context of sanctions specified in respect of officers (whether directors or secretaries or not)

270. (1) For the purposes of any provision of this Act which provides that an officer of a company who is in default shall be guilty of an offence, an officer who is in default is any officer who authorises or who, in breach of his or her duty as such officer, permits the default mentioned in the provision.

(2) In this section “default” includes a refusal to do a thing or a contravention of a provision.

Annotations

Modifications (not altering text):

C24

Application of section extended (29.01.2020) by Migration of Participating Securities Act 2019 (50/2019), s. 7(2), S.I. No. 26 of 2020.

Offence in relation to failure to comply with certain provisions of section 5 or 6

7. (1) If a participating issuer makes default in complying with section 5 (4) or section 6 (1) or (4), the issuer and any officer of it who is in default shall be guilty of an offence and shall be liable on summary conviction to a class A fine or imprisonment for a term not exceeding 6 months or both.

(2) Section 270 of the Act of 2014 applies to the construction of the reference in subsection (1) to an officer of the issuer who is in default as it applies to the construction of any provision of the Act of 2014 which provides that an officer of a company who is in default shall be guilty of an offence.