Accounts
to contain particulars
as to loans
to, and
remunera-
tion of, directors, &c.
19 & 20 Geo.
5, c. 23,
s. 128.
Signing of
balance sheet.
19 & 20 Geo. 5, c. 23, s. 129.
-1580
127.-(1) The accounts which in pursuance of this Ordinance are to be laid before every company in general meeting shall, subject to the provisions of this section, contain particulars showing—
(a) the amount of any loans which during the period to which the accounts relate have been made either by the company or by any other person under a guarantee from or on a security provided by the company to any director or officer of the company, including any such loans which were repaid during the said period; and
(b) the amount of any loans made in manner aforesaid to any director or officer at any time before the period aforesaid and outstanding at the expiration thereof; and
(c) the total of the amount paid to the directors as remuneration for their services, inclusive of all fees, percentages, or other emoluments, paid to or receivable by them by or from the company or by or from any subsidiary com-
pany.
(2) The provisions of subsection (1) of this section with respect to loans shall not apply-
(a) in the case of a company the ordinary business. of which includes the lending of money, to a loan made by the company in the ordinary course of its business; or
(b) to a loan made by the company to any employee of the company if the loan does not exceed twenty thousand dollars and is certified by the directors of the company to have been made in accordance with any practice adopted or about to be adopted by the company with respect to loans to its employees.
(3) The provisions of subsection (1) of this section with respect to the remuneration paid to directors shail not apply in relation to a managing director of the company, and in the case of any other director who holds any salaried employment or office in the company there shall not be required to be included in the said total amount any sums paid to him except sums paid by way of directors' fees.
(4) If in the case of any such accounts as aforesaid the requirements of this section are not complied with, it shall be the duty of the auditors of the company by whom the accounts are examined to include a their report on the balance sheet of the company, so far as they are reasonably able to do so, a statement giving the required particulars,
'emoluments"
(5) In this section the expression includes fees, percentages and other payments made or consideration given, directly or indirectly, to a director as such, and the money value of any allow- ances or perquisites belonging to his office.
128.-(1) Every balance sheet of a company shall be signed on behalf of the board by two of the directors of the company, or, if there is only one director, by that director, and the auditors' report shall be attached to the balance sheet, and the report shall be read before the company in general meeting, and shall be open to inspection by any member.
(2) In the case of a banking company, the balance sheet must be signed by the secretary or manager, if any, and where there are more than three directors of the company by at least three of those directors, and where there are not more than three directors by ali the directors.