(1) Where any untrue statement has been included in -

(a) the common draft terms of merger,

(b) the explanatory report, if any, referred to in section 467, or

(c) the merger financial statement, if any, prepared under section 469,

the following:

(i) each of the persons who was a director of any of the merging companies at the date of the common draft terms of merger or, in the case of the foregoing explanatory report or merger financial statement, at the time of the report's or statement's preparation; and

(ii) any person who authorised the issue of the document;

shall be guilty of a category 2 offence.

(2) Where any untrue statement has been included in the expert's report prepared under section 468, the expert and any person who authorised the issue of the report shall be guilty of a category 2 offence.