Section 635 of The Companies Act No. 17 of 2015: Duty of directors to prepare individual financial statement
(1) The directors of every company shall prepare a financial statement for thecompany for each of financial year of the company.
(2) Such a financial statement is referred to in this Part as the company'sindividual financial statement.
(3) If the directors of a company fail to prepare for a financial year of thecompany a financial statement that complies with the relevant requirements of this Part, each of the directors who is in default commits an offence and on conviction is liable to a fine not exceeding one million shillings.
(4) If, after a director has been convicted of an offence under subsection (3),the directors continue to fail to prepare the requisite financial statement, each of the directors who is in default commits a further offence on each day on which the failure continues and on conviction is liable to a fine not exceeding one hundred thousand shillings for each such offence.
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(2) Those regulations—
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(a) for a private company — nine months after the end of the company's relevant accounting reference...
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