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Section 15 – The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act,1982

The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act,1982

Section 15. Offences by companies

(1) Where an offence under this act has been committed by a company, every person who at the time the offence was committed was in charge of, an d was responsible to the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against an punished accordingly:

Provided that nothing contained in this subs-section shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.

(2) Notwithstanding anything contained in subs-section (1), where any offence under this act has been committed by a company and it is proved that the offence has been committed with the conceit or connivance, of or is attributable to any neglect on the part of any director, manager, secretary, or other officer of the company, such director, manager, secretary or other officer shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.

Explanation

For the purposes of this section,-

(a) “Company” means anybody corporate and includes a firm or other association of individuals; and

(b) “Director”, in relation to a firm means a partner in the firm.

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The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act,1982

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