(1) Where a company has sold any of its treasury shares or where the directors of the company have resolved to cancel any of its treasury shares, it shall within fourteen days of such sale or cancellation lodge a notice in accordance with Form 28B with the Registrar, the Stock Exchange and the Securities Commission.

(2) If default is made in complying with paragraph (1) the company and every officer of the company who is in default shall be guilty of an offence.