COMPANIES ACT - 1963 (ACT 179)

    Section - 313 - Penalties and Disabilities

    (1) If any external company or any local manager or process agent of an external company fails to comply with any of the obligations imposed upon it or him by the foregoing provisions of this Chapter of this Code, the external company and any local manager or process agent who is in default shall be liable to a fine not exceeding fifty pounds or, in the case of a continuing default, five pounds for every day during which the default continues.

    (2) If there is any default in delivering to the Registrar any document required to be delivered for registration pursuant to the foregoing provisions of this Chapter of this Code, the rights of the external company concerned under or arising out of any contract made in Ghana during such time as the default continues shall not be enforceable by action or other legal proceedings:

    Provided that,

    (a) the external company may apply to the Court for relief against the disability imposed by this subsection and the Court, on being satisfied that it is just and equitable to grant relief, may grant such relief either generally or as respects any particular contract and on such conditions as the Court may impose;

    (b) nothing herein contained shall prejudice the rights of any other parties against the external company in respect of such contract;

    (c) if any action or proceeding shall be commenced by any other party against the external company to enforce the rights of such party in respect of such contract, nothing therein contained shall preclude the external company from enforcing in that action or proceeding by way of counterclaim, set off or otherwise, such rights as it may have against that party in respect of that contract.