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991. Liability of company or LLP as member in default

Past version: effective from 21/10/2015 - 20/10/2015
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(1) Where a company or an LLP is a member or designated member of an LLP, it does not commit a contravention of the Companies Regulations as a member or designated member in default unless (in the case of a company) one of its officers is in default or (in the case of a member LLP) one of its members is in default.
(2) Where any such contravention of the Companies Regulations is committed by a company or LLP the officer or member in question also commits a contravention of the Companies Regulations and is liable to be fined accordingly.
(3) In this section an officer or member is "in default" for the purposes of the provision if he authorises or permits, participates in, or fails to take all reasonable steps to prevent, the contravention.
(4) The provisions of this section are without prejudice to any other fine, censure or legal proceeding to which a member may be subject under the Companies Regulations or any other law or regulation applicable in the Abu Dhabi Global Market."