Article 44 - Duty to Deliver Annual Returns
(1) Every Investment Club shall deliver to the CRO successive annual returns each of which is made up to a date not later than the date which is from time to time the "return date" of the Investment Club, that is:
a. the anniversary of the incorporation of the Investment Club; or
b. if the last return delivered by the Investment Club in accordance with this Article 44 was made up to a different date, the anniversary of that date.
(2) Each annual return shall:
a. be in the Prescribed Form;
b. contain the information required by Article 45;
c. be signed by a director or secretary of the Investment Club; and
d. be delivered to the CRO together with payment of the Prescribed Fee.
(3) If an Investment Club fails to deliver an annual return in accordance with this Article 44 before the end of the period of 28 days after the return date, the Investment Club shall be in contravention of these Regulations. The contravention continues until such time as an annual return made up to that return date and complying with the requirements of Article 44(2) (except as to date of delivery) is delivered by the Investment Club to the CRO.
(4) Where an Investment Club is in contravention of these Regulations under Article 44(3) every director of the Investment Club is similarly liable unless he shows that he took all reasonable steps to avoid the commission of or the continuance of the contravention of these Regulations.