1984 Ed.]
Companies
[CAP. 32
143
(ii) whether, in their opinion, the balance sheet referred to in the report is properly drawn up so as to exhibit a true and correct view of the state of the company's affairs according to the best of their information and the explanations given to them, and as shown by the books of the company.
(2) The shareholders shall not in any financial year of the company enter into an agreement for the purposes of subsection (1) with respect to more than one such financial year.
(3) This section does not apply to a private company which--- (a) has any subsidiary or is a subsidiary of another company formed and registered under this Ordinance or an existing company; or (Amended, 6 of 1984, s. 96)
banking
(b) carries on banking business and holds a valid licence granted under the Banking Ordinance; or
(c) is a dealer registered under the Securities Ordinance; or
either solely or in common with any other business,
(Cap. 1559)
(Cap. 333.)
(d) carries on any insurance business otherwise than solely as an agent; or
(e) by way of trade or business, other than banking business, accepts loans of money at interest, or repayable at a premium, otherwise than on terms involving the issue of debentures or other securities; or
(f) owns and operates ships or aircraft engaged in the carriage of cargo between Hong Kong and places outside Hong Kong.
(4) Without prejudice to any other provision of this Ordinance, if any person being a director of a company fails to take all reasonable steps to secure compliance with the requirements of subsection (1)(c) and (d), he shall, in respect of each offence, be liable on summary conviction to a fine of $10,000 and to imprisonment for 6 months:
Provided that---
(a) in any proceedings against the person in respect of an offence under this subsection, it shall be a defence to prove that he had reasonable ground to believe, and did believe, that a competent and reliable person was charged with the duty of seeing that the said paragraphs were complied with and was in a position to discharge that duty; and
(b) a person shall not be sentenced to imprisonment for any such offence unless, in the opinion of the court dealing with the case, the offence was committed wilfully.
(Added, 80 of 1974, s. 13)