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 ... Summary
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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