(1)A company may discontinue an overseas branch register.
(2)If it does so all the entries in that register must be transferred—
(a)to some other overseas branch register kept in the same country or territory, or
(b)to the main register.
(3)The company must give notice to the registrar within 14 days of the discontinuance.
(4)If default is made in complying with subsection (3), an offence is committed by—
(a)the company, and
(b)every officer of the company who is in default.
(5)A person guilty of an offence under subsection (4) is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.