Section 12, The Companies (Amendment) Act, 2014

Section 38 of the Companies Act, 2009 is amended byrepealing and replacing subsection (2) with the following new “(2) If a company defaults in complying with subsection (1) and upon notification in writing to the Commission by a member, the company and every officer of the company would be in default and the Commission shall give a direction to the Company and its members for a copy of the memorandum and articles to be made available to the member within the period specified in the directive failing which the company and every member who is in default shall be liable to a default fine of Le850,000" for each day that the default continues. Alteration of memorandum and articles