Section 32, The Companies (Amendment) Act, 2014

Section 172 of the Companies Act, 2009 is amended insubsection (3) by repealing and replacing that subsection with the “(3) If any company defaults in sending to the Commission for registration, the particulars of any charge created by the company or of the issues of debentures of a series requiring registration, then, unless the registration has been effected on the application of some other person, the company and every officer of the company who is in default shall be liable to a default fine not exceeding Le 5,000,000.00”