Section 22 of the Companies (Amendment) Act 1986 is amended -
(a) in subsection (1) -
(i) in paragraph (a), by substituting "shall be guilty of an offence" for "shall be liable on summary conviction to a fine not exceeding £1,000", and
(ii) in paragraph (b), by substituting "Summary proceedings" for "Proceedings",
and
(b) in subsection (2), by substituting "in respect of each such failure be guilty of an offence, but -" for "in respect of each offence be liable on summary conviction to imprisonment for a term not exceeding 6 months, or, at the discretion of the court to a fine not exceeding £1,000 or to both so, however, that -".