Penalty for failure to file imposes fixed and continuing penalties on companies and defaulting officers for delayed reports. Amendment substitutes subsection (3) of section 121 to impose a two tier penalty regime: the company faces an initial fixed penalty for failure to file the report and a daily continuing penalty after the first day subject to a maximum cap; every officer in default faces a minimum initial penalty and a separate daily continuing penalty after the first day subject to a separate maximum cap.
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Provisions expressly mentioned in the judgment/order text.
Penalty for failure to file imposes fixed and continuing penalties on companies and defaulting officers for delayed reports.
Amendment substitutes subsection (3) of section 121 to impose a two tier penalty regime: the company faces an initial fixed penalty for failure to file the report and a daily continuing penalty after the first day subject to a maximum cap; every officer in default faces a minimum initial penalty and a separate daily continuing penalty after the first day subject to a separate maximum cap.
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