Section 57 — Prospectus

(1) No prospectus shall be issued by or on behalf of
a company unless on or before the date of its publication, a copy thereof signed by
every person who is named therein as a director or proposed director of the
company has been filed with the registrar.

(2) In case of any contravention of this section, the company and every
person who is a party to the issue, publication or circulation of the prospectus shall
be liable to a penalty not exceeding of level 2 on the standard scale.