(1)
If a company fails to comply with any provision of section 374 or 375 (1), every officer of the company who is in default commits an offence unless he shows that he acted honestly and that in the circumstances in which the business of the company was carried on, the default was excusable.
(2)
An officer of a company commits an offence if he fails to take all reasonable steps for securing compliance by the company with section 375 of this Act, or has intentionally caused any default by the company under it.
(3)
A person who commits an offence under this section, is liable to a penalty as the Commission shall specify in its regulations.