Cap. 168 ст. 139Penalty.

If default is made in complying with any of the requirements of articles 13 to 18 of the Commercial Code or of article 133, as the case may be, or with any of the requirements of articles 134 to 138, any person being a director of a company who fails to take all reasonable steps to secure compliance by the company with the aforesaid requirements shall in respect of each default, be liable to a penalty not exceeding four hundred and sixty-five euro and eighty-seven cents (465.87):

Provided that it shall be a defence to prove that he had reasonable grounds to believe and did believe that a competent and reliable person was charged with the duty of seeing that the aforesaid requirements were complied with and was in a position to discharge that duty.