378. Where and for how long records to be kept: contraventions

(1) If a company fails to comply with any provision of subsections (1) to (4) of section 377 (where and for how long records to be kept), a contravention of these Regulations is committed by every officer of the company who is in default.
(2) A person does not commit the contravention referred to in subsection (1) if he shows that he acted honestly and that in the circumstances in which the company's business was carried on the default was excusable.
(3) An officer of a company commits a contravention of these Regulations if he—
(a) fails to take all reasonable steps for securing compliance by the company with subsection (4) of that section (period for which records to be preserved), or
(b) intentionally causes any default by the company under that subsection.
(4) Subject to subsection (2), a person who commits the contraventions referred to in subsection (1) shall be liable to a level 2 fine.
(5) A person who commits the contraventions referred to in subsection (3) shall be liable to a fine of up to level 5.