General
to contents and form of
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offence, be liable on summary conviction to imprison- meat for six months and to a fine of ten thousand dollars:
Provided that
(a) in any proceedings against a person in respect of an offence under this section, it shall be a defence to prove that he bad reasonable ground to believe and did believe that a competent and reliable person was charged with the duty of seeing that the provisions of this section were complied with and was in a position to discharge that duty: and
(6) a person shall not be sentenced to imprison- ment for such an offence unless, in the opinion of the court dealing with the case, the offence was committed wilfully.
123. (1) Every balance sheet of a company shall provisions as give a true and fair view of the state of affairs of the company as at the end of its financial year, and every profit and loss account of a company shall give a true and fair view of the profit or loss of the company for the financial year.
RCCOUpta. 1948 c. 38. s. to.
Teach Schedule
(2) A company's balance sheet and profi and loss account shall comply with the requirements of the Tenth Schedule, so far as applicable thereto.
(3) Save as expressly provided in the following provisions of this section or in Part III of the Tenth Schedule, the requirements of subsection (2) and the said Schedule shall be without prejudice either to the general requirements of subsection (1) or to any other requirements of this Ordinance.
(4) The Financial Secretary may, on the applica- tion or with the consent of a company's directors, modify in relation to that company any of the require- ments of this Ordinance as to the matters to be stated in a company's balance sheet or profit and loss ac- count (except the requirements of subsection (1)) for the purpose of adapting them to the circumstances of the company.
(5) Subsections (1) and (2) shall not apply to a company's profit and loss account if-
(4) the company has subsidiaries; and
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(6) the profit and loss account is framed as a consolidated profit and loss account dealing with all or any of the company's subsidiaries as well as the company and-
() complies with the requirements of this Ordinance relating to consolidated profit and loss accounts; and
(ii) shows how much of the consolidated profit or loss for the financial year is dealt with in the accounts of the company.
(6) If any person being a director of a company fails to take all reasonable steps to secure compliance as respects any accounts laid before the company in general meeting with the provisions of this section and with the other requirements of this Ordinance as to the matters to be stated in accounts, be shall, in respect of each offence, be liable on summary convic- tion to imprisonment for six months and to a fine of ten thousand dollars:
Provided that~~~
(a) in any proceedings against a person in respect of an offence under this section, 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 provisions or the said other requirements, as the case may be, were complied with and was in a position to discharge that duty; and (6) a person shall not be sentenced to imprison- ment for any such offence unless, in the opinion of the court dealing with the case, the offence was committed wilfully.
(7) For the purposes of this section and the following provisions of this Ordinance, except where the context otherwise requires.-
(a) any reference to a balance sheet or profit and loss account shall include any notes thereon or document annexed thereto giving information which is required by this Ordin- ance and is thereby allowed to be so given; and