S.L. 234.42 Art. 94Failure to comply with regulation 93.

(1) If a person ceasing to hold office as auditor fails without just cause to comply with the provisions of regulation 93

he shall be liable to a penalty and, for every day during which the default continues, to a further penalty.

(2) In proceedings for a default under subregulation (1) it shall be a defence for the person against whom action is taken to show that he took all reasonable steps and exercised all due diligence to avoid that default.

(3) If a company makes default in complying with the provisions of regulation 93, every officer of the company who is in default shall be liable to a penalty and, for every day during which the default continues, to a further penalty.

Chapter XI - Distribution of Profits and Assets