554. Copy of report to be delivered to Registrar
(1) A company to which a report is made under section 550 as to the value of any consideration for which, or partly for which, it proposes to allot shares must deliver a copy of the report to the Registrar for registration.
(2) The copy must be delivered at the same time that the company files the return of the allotment of those shares under section 514 (return of allotment by limited company).
(3) If default is made in complying with subsection (1) or (2), a contravention of these Regulations is committed by every officer of the company who is in default.
(4) A person who commits a contravention of this section is liable to a level 2 fine.
(5) In the case of default in delivering to the Registrar any document as required by this section, any person liable for the default may apply to the Court for relief.
(6) The Court, if satisfied—
(a) that the omission to deliver the document was accidental or due to inadvertence, or
(b) that it is just and equitable to grant relief,
may make an order extending the time for delivery of the document for such period as the Court thinks proper.