Clause 11

in subsection (7), replace “subsection (3) —” with “subsection (3) the following:”;

in subsection (7)(b), delete “and” at the end;

in subsection (7)(c), replace “paragraphs (a) and (b)” with “paragraph (a) or (b), or both paragraphs (a) and (b), as the case may be”;

in subsection (18), after “section”, insert “, other than subsection (7)(b)”; and

after subsection (18), insert —“(18A) If default is made by a foreign company in complying with subsection (7)(b) —

the company shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000; and

every director or equivalent person, and every authorised representative, of the company, who knowingly and wilfully authorises or permits the default, shall each be guilty of an offence and shall each be liable on conviction —

to a fine not exceeding $250,000; or

if the offence was committed with intent to defraud the creditors of the company or creditors of any other person, or for a fraudulent purpose, to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 3 years or to both.”.