564. Penalty for contravention of this Chapter

(1) This section applies where a company contravenes-
(a) section 550 (public company allotting shares for non-cash consideration), or
(b) section 555 (public company entering into agreement for transfer of noncash asset).
(2) A contravention of these Regulations is committed by-
(a) the company, and
(b) every officer of the company who is in default.
(3) A person who commits a contravention of this Chapter is liable to a level 2 fine.