Section 3, The Companies (Amendment) Act, 2014

Section 16 of the Companies Act, 2009 is amended insubsection (3) by the repeal and replacement of that subsection with the following new subsection– “(3) If at any time the number of a company, association or partnership exceeds 20 in contravention of this section and it carries on business for more than 14 days while the contravention continues, every person who is a member of the company, association or partnership during the time that it carries on business after those 14 days , shall be liable to a default fine of Le 850,000.00 for each day during which the default continues.”