339. Liability where proper accounts not kept Flashcards
1
Q
- Liability where proper accounts not kept
A
General overview
[339.01] Section 339 provides that if, on any investigation under any other Part of the Act or where a company is wound up, it is shown that proper books of accounts were not kept either throughout the two-year period immediately preceding the winding up or the period between the incorporation of the company and the commencement of winding up or investigation (whichever is the lesser period), every officer who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or an imprisonment for a term not exceeding 12 months, unless it is shown that the officer acted honestly in the circumstances and that the default was excisable.
