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<h1>Penalty for failure to file corporate resolution imposes initial fixed fine and daily continuing fines with statutory caps.</h1> Substitution of sub section (2) of section 117 imposes an initial fixed penalty on a company that fails to file a resolution or agreement within the prescribed period, and a daily continuing penalty subject to a statutory maximum; every officer in default, including a liquidator, is separately liable to an initial fixed penalty and a daily continuing penalty subject to a lower statutory maximum.