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(2) If default is made in compliance with this section, the company shall be liable to a fine not exceeding fifty dollars for every day during which the default continues ; and every director [and manager] of the company who [ ] knowingly and wilfully authorises or permits the default shall be liable to the like penalty,
Duties of Directors as to Accounts.
77.—(1) The directors shall cause true accounts to be Duties of kept-
Directors as to accounts.
Of the sums of money received and expented by the company and the mutter in respect of which such receipt and expenditure takes place, and Of the assets and liabilities of the company. (2) The books of account shall be kept at the registered office of the company, or at such other place or pluces as the directors think fit, and shalt always be open to the inspection of the directors.
(3) The directors shall from time to time determine whether and, to what extent and at what times and places and under wh-t conditious or regulations the ureaunts and books of the company or any of them shall be open to the inspection of members not being directors, aul ko member (not being a director) shall have any right of inspecting any account or bak or document of the company except as conferred by statute ar with rised Fy the directors or by the company in g neral meeting,
(4) Once at least in every year the directors shall lay before the company in general meeting a profit and loss account for the period since the preceding sezonut or (în the case of the first account) since the incorporation of the company, made up to a date not more than six months before such mecting.
(5) A balance sheet shall be made out in every year und-laid before the company in general mesting made up to a date not more than six months before such meeting. The balance sheet shall be accompanied by a report of the directors as to the state of the company's offairs, and the amount which they recommend to be pars by way of divistend, and the amount, if any, which they propose to carry to a reserve fund,
(6) A copy of the balance sheet and report shall, seven days preciously to the meeting, be sent to the persons entitled to receive noti es of generai moetings in the manner in which notices are to be given herenader.
Contracts, &c.
78.-(1) Contracts on behalf of a company may be Form of made as follows (that is to say) :—
contracts.
8 Edw. 7 e.
(i) Any contract which if male between private 69 s. 76.
persons would be by law required to be in writing under seal, may be made on behalf of the company in writing under the emon seal of the company, and may in the same manner be varied or discharged :
(i) Any entrant which if made between private persons would be by law required to be in writing, signed by the parties to be charged therewith, may be made on behalf of the com- pany in writing signed by any person acting under its authority, express or implied, and may in the same manner he varied or dis- charged:
(ii) Any contract which if made between private persons would by law be valid although made by parol only, and not reduced into writing, may be made by parol on behalf of the com- pany by any person acting under its authority, express or implied, and may in the same man- ner be varied or discharged.
(2) All contracts made according to this section shall be effectual in law, and shall bind the company and its succes- sors and all other parties thereto, their heirs, executors, or administrators as the case may be.
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