Section 60, The Companies (Amendment) Act, 2014

Section 492 of the Companies Act, 2009 is amended asfollows (a) by repealing and replacing subsection (1) with the following new subsection– “(1) Unless otherwise provided in this Act, if any company to which this Part applies fails to comply with any of the provisions of this Part the company, and every officer or agent of the company shall be guilty of an offence and be liable to a fine not below Le 45,000,000 and not exceeding Le 60,000,000 or, in the case of a continuing offence Le 5,000,000 for each day during which the default continues.” (b) by repealing and replacing subsection (2) with the following new subsection– “(2) Notwithstanding the requirements of registration under section 485, a company incorporated outside of Sierra Leone which is a part to a contract ordinarily to have been performed in Sierra Leone, with rights under or arising out of any contract shall be enforceable by action or other legal proceedings.”