Penalty for improper publication of company financial statements imposes fines on the company and officers in default. Penalty attaches where a balance sheet or profit and loss account is issued, circulated or published without the required signatures, or where a balance sheet is issued without annexing the profit and loss account, required accounts or statements, the auditors' report, and the Board's report; liability extends to the company and every officer in default and is punishable by a monetary fine as prescribed.