Section 40 — Alteration of memorandum or articles to be noted in every copy

(1) Where an alteration is made in the memorandum or articles of a
company, every copy of the memorandum or articles issued after the date of the
alteration shall conform to the memorandum or articles as so altered.

(2) If, where any such alteration has been made, the company at any
time after the date of the alteration issues any copies of the memorandum or articles
which do not conform to the memorandum or articles as so altered it shall be liable
to a penalty not exceeding of level 1on the standard scale for each copy so issued
and every officer of the company who is in default shall be liable to the like penalty.