Entire Section

  • Schedule 2

    • Schedule 2 Punishment of Offences

      Article of Law creating offence General Nature of offence Punishment Daily default fine (where applicable)
      13(2) Company failing to send to one of its Members a copy of its or articles, when so required by the Member. $200  
      15(3) Company failing to change name on direction of Registrar. $500 $50
      29(3) Loan guarantee or Security provided by company to Director. A fine  
      32(2) Failure to comply with an order under Article 32(1) A fine  
      36(3) Default in complying with Article 36 (keeping register of Directors and secretaries; reftisal of inspection). $500 $50
      40(2) Company default in complying with Registrar's direction to hold company meeting. $5000  
      46(3) Failure to give notice, to Member entitled to vote at company meeting, that he may do so by proxy. $500  
      48(4) Company failing to keep minutes of proceedings at company and Board meetings, etc. $500 $50
      49(3) Reftisal of inspection of minutes of general meeting; failure to send copy of minutes on member's request. $200  
      50(2) Failure to keep sufficient accounting records $500  
      51(3) Failure to retain accounting records for inspection $500  
      52(6) Failure to prepare accounts within 18 months A fine  
      53(2) Company failing to supply copy of accounts to Member on demand. $500 $50
      55(l) Company failing to appoint auditors when required to do so A fine  
      57(9) Auditor ceasing to hold office failing to Deposit statement as required by Article 57(7). $500  
      57(10) Company failing to send notice of auditor's resignation to Members and to other persons entitled to receive notice of general meetings. $500  
      58 Company officer or secretary making misleading, false or deceptive statement to auditors. A fine  
      62(2) Company failing to keep a register of Members. $500 $50
      64(2) Refusal of inspection of members' register. $500  
      66(3) Company default in compliance with Article 66(l) (certificates to be made following allotment or transfer of shares). $500  
      71(5) Company making unlawful reduction in its share capital A fine  
      73(5) Company failing to carry on business activity in DIFC, or opening Branch office outside DIFC, without prior written consent of the Registrar. A fine  
      74(3) Company failing to have name on business correspondence, invoices etc. $500  
      84(5) Company failing to deliver to Registrar Order of Court altering, or giving leave to alter, company's articles. $500 $50
      91(6) Offeror failing to send to company whose Shares are the subject of the Offer notice and declaration required by Article 91(4) ; making false declaration for purposes of Article 91(4). [ ]  
      93(6) Offeror failing to give minority shareholder notice of rights exercisable under Article 93(3). $500 $50
      114(2) Company failing to take reasonable precautions to prevent loss or falsification of company records. $500  
      118(4) Failing to deliver to Registrar Order of the Court declaring dissolution of company void. $500 $50