Section 157 CAMA 2020

Section 157 Companies and Allied Matters Act is about Statement in balance sheet as to Commission. It is under Allotment of Shares of Chapter 8 of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Statement in balance sheet as to Commission

(1) Where a company has paid any amount by way of commission in respect of any shares in the company, the amount so paid or so much of it as has not been written off, shall be stated in every balance sheet of the company until the whole amount has been written off.

(2) If default is made in complying with this section, the company and every officer of the company is liable to such penalty as the Commission shall specify by regulation for every day during which the default continues.