Section 578(3)

If any of the money is not repaid within 48 days after the first making of the offer, the directors of the company are jointly and severally liable to repay it, with interest at the rate for the time being specified under section 17 of the Judgments Act 1838 (c. 110) from the expiration of the 48th day. A director is not so liable if he proves that the default in the repayment of the money was not due to any misconduct or negligence on his part.

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Source: legislation.gov.uk · retrieved 2026-09-04