Amendment status not verified — confirm the current text below against the official source.
Offence by Companies—(l) If the per$on committing an offence under thisAct isa companyr eveiy , offlcer.of the compaffy who is in default as well as the cémpany; shill be deemed to be guilty of the offence and shalt be 'liable to be proceeded against and punished accordingly: Provided that in any proceeding against an officer of the company in respect' of an offence under this Act is appears to the Court hearing the ease that the offencc is attributable to the 'negligence, default, breach of duty, misfeasance or,breach of trust committd by the officer, but that he has noted honestly and reasonably, and that having regard to all the circumstances of the case, including those connected with his appointment he out fairly tobe excused, the Court mdy relieve him either wholly or partly, from his liability on such terms as itniay think fit S (2) NoSithstanding anything contained in sub-section (I), where an offence under this Act has been commited by a Eompany and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any wilfiul negligence, default, breach of duty, rnisfeasance'or breach-of trust on the part of any officer of the company/such officer of the company, shall be deemed to heUtlty of offence and shalt be liable to be proceeded against and punished /atcordingly. . . &planation.-t,br the purpose of this section,- )tccenpany" means any body corporate and includes a firm, a co-operative society of other association of individuals;' "Director" in relation to a finn means a parther in the firm.; .• H S V a Zr . .... "Officer of die èompanf means the Móarg Directot Directors;. Managing Agent, Secrttaty, Tmas4rcràt4anagr of.thecoinpany and includes the office bearers of a fir co-operative i' or. niañ000fbxbviduals; and "Officer of th&company who is in deft&' means any officer of the company who is ImSingly guilty of not'cOmpliance, failure or conbavention of the provisions of this Actor the Schathtade thereunder or who kfiowingly and t'illy authorises or permits such nonmpUaMe, failure orconbaventioñ.. IS& . Directions by Gàvernme,jg—The Govertunent May, after consultation with the Board, give to the Board genmi ã,uuctions to be foflowed by the Board. (2) In exercise of its powers aodpetformaacof its duties under this Act, the Board sball.not depaitfronz any general instructions issued under sub-iection (I), except with the previous permission of the Govenunent * 1'5B. .Powèrtoo1deihzthy_(l1iieGovemmentmjy,.atanytijne,çpojm any ptrson to inquire into the working oftho. Board and to submit a mpozt•tothe Govrmmcnt . . . (2) The Board shall give the penn so appointed all facilities for the proper •:. conduct of the üiquisy and furnish to him such documenti, accournsorinformatiâ. in possession of th' Board as he niay.require. . -. . . ,. '.. fl5C. Powerto Supersede the Boa,d.— (1)14 ân,considaution df the teppit under section 158 or otherwise, the Government arenf opinion that the BasS has paisinitIy made default in the performance of the duties imposed on itby winder the provisions of this Act or the scheme or has exceeded or abused its pgm, the GovernMent may, by notification in the Gazette, itiperscile, the Dodd fri such period not exceedingrix months as may be specified in the noificatio Provided that, before Issuing a notification tinder this sub-section', the Government shall give a reasonable opportunity to the Bond to show cause ihy it should not be superseded and shill consider the aplAnaions and *ctios if any, of the Board. (2) Upon the publication ofañotificationunder sub-section (1), all the members ,f the Board shall; as from the publiátion, vacate their offices as stich members; .. nithepowersanddutieswhichmaybeeiercisedorp.jfo.ns by the Board shall, during the periodof euperseesion be exercised orperformed by such officer or officers as may be specified in the notificaDon4'. (a) all funds and other prvpettiei csted lathe BOsS ibsU, dog the pSod of supetsession, vest in the GOVeZWIIenL .. :. . (3) Onthe expiration of the period of supersesskOn4ecifitd.i.itbt notification issued under sub-section (l),theGovenimentsltaljreconstitute the Beardm the manna provided in section 6" ei R 0111. •10 '.95 I); Power to bonvw.---The Board may, with the previous approval of th Governmtttt and subject to such terms and conditions as may be specified by the Government, boitow money for the purposes of the Scheme.