Special provisions
in respect of ürst financial year ending after 29.9.75.
Trad
Schedule.
30
126 and 127 shall accordingly not apply in any such
case.
(3) Section 129D shall not apply to a directors' report in respect of a financial year ending before 30th September 1975, but all the provisions of this Ordin- ance which were in force at the end of the financial year in relation to the attaching of a directors' report to every balance sheet of a company laid before it in general meeting and to the contents of such a report shall apply in relation to a directors' report in respect of a financial year ending before 30th September 1975.
(4) Subsections (3) and (6) of section 141 shall not apply in relation to an auditors' report on a balance sheet or other accounts of a company laid before it in general meeting in respect of a financial year end- ing before 30th September 1975, but the provisions of this Ordinance which were in force at the end of the financial year in relation to the auditors' report on accounts examined by them and on every balance sheet laid before a company in general meeting during their tenure of office shall apply in relation to the auditors' report on any such balance sheet or other accounts laid before a company in general meeting in respect of a financial year ending before 30th Septem- ber 1975.
141E. (1) In relation to the first balance sheet of a company laid before it in general meeting in respect of a financial year ending after 29th September 1975. paragraph 12(16) of the Tenth Schedule shall not have effect so as to require there to be shown corresponding amounts at the end of the immediately preceding financial year of items which would not have had to be shown in the balance sheet if it had been a balance sheet in respect of a financial year ending before 30th September 1975.
(2) In relation to the first profit and loss account of a company laid before it in general meeting in respect of a financial year ending after 29th September 1975, paragraph 17(5) of the Tenth Schedule sball Dot have effect so as to require there to be shown corresponding amounts for the immediately preceding financial year of items which would not have had to be shown in the profit and loss account if it had been
Construction
31
a profit and loss account in respect of a financial year ending before 30th September 1975.
141C. References in this Ordinance to a docu- of references ment annexed or required to be annexed to a com- pany's accounts or any of them shall not include the directors' report or the auditors" report:
la documents annexed to accounts.
1948 ST.
163.
Power of
shareholders
of certain private
companies bo waive compliance with require. ments as lo accounts.
Eleventh Serdus.
Provided that any information which is required by this Ordinance to be given in accounts, and is thereby allowed to be given in a statement annexed, may be given in the directors' report instead of in the accounts and, if any such information is so given, the report shall be annexed to the accounts and this Ordinance shall apply in relation thereto accordingly, except that the auditors shall report thereon only so far as it gives the said information.
Accounts of certain private companies
141D. (1) Where all the shareholders of a private company agree in writing that this section shall apply with respect to a financial year of that company-
(a) the following provisions of this Ordinance shall not apply with respect to that financial year, that is to say, subsection (2) of sec- tion 121, subsection (3) of section 141 and sections 123, 129, 129A, 129D and 129E; (b) the company's balance sheet as at the end of that financial year shall comply with the requirements of the Eleventh Schedule; there shall be attached to the balance sheet a report by the directors with respect to- (i) the state of the company's affairs; (ii) the amount (if any) which they recommend should be paid by way of dividend:
(2)
(iii) the amount (if any) which they pro- pose to carry to the reserve fund, general reserve or reserve account shown specifically on the balance sheet or to a reserve fund, general reserve or reserve account to be shown specifically on a subsequent balance shect: