(Cap. 1:5.
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(a) as respects its balance sheet, those of paragraphs 2 and 3. paragraph 4 (so far as it relates to assets), paragraph 9 (except sub-paragraphs (1)() and (4)), paragraphs 10 and 11 and para- graph 12 (except sub-paragraphs (7), (8), (9), (11) and (12)); and (b) as respect its profit and loss account, those of sub-paragraph (1)(5) and ()) of paragraph 13, paragraphs 14 and 15 and sub- paragraphs (1) and (5) of paragraph 17;
but, where in its balance sheet reserves or provisions (other than pro- visions for depreciation, renewals or diminution in value of assets) are not stated separately, any beading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or rmarked as to indicate that fact, and its profit and loss account shall indicale by appropriate words the manner in which the amount stated for the company's profit or loss has been arrived at.
(2) The accounts of a banking company shall not be desmed, by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair vicw required by this Ordinance.
(3) In this paragraph the expression "banking company" means any company which carries on banking business and holds a valid licence granted under the Banking Ordinance authorizing îl to do so in the Colony,
27. (1) An insurance company shall not be subject to the following requirements of Part 1, that is to say-
(0) as respects its balance sheet, those of paragraphs 4 to 7, sub paragraphs (1)o) and (3) of paragraph 9 and sub-paragraphs (4), (5) and (7) to (11) of paragraph 12;
(b) as respects its profit and less account, those of paragraph 13
(except sub-paragraph (1)(8), (c), (d) and ()) and paragraph 17(2): - but, where in its balance sheet reserves or provisions (other than provisions for depreciation, renewals or diminution in value of assets) are not stated separately, any heading stating an amount arrived at after taking into account a reserve or such a provision shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount staled for the com- pany's profit or loss has been arrived at:
Provided that the Financial Secretary may direct that any such insurance company whose business includes to a substantial extent business other than insurance business shall comply with all the requirements of Part I or such of them as may be specified in the direction and shall comply therewith as respects either the whole of its business or such part thereof as may be so specified.
(2) Where an insurance company is entitled to the beneft of this paragraph, then any wholly owned subsidiary therent shall also be so entitled if its business consista only of business which is complementary to insurance business of the classes carried on by the insurance company.
(3) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirement of Part I from
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which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance.
(4) For the purposes of this paragraph a company shall be deemed to be the wholly owned subsidiary of an insurance company if it has no members except the insurance company and the insurance company's wholly owned subsidiaries and its or their nominees.
23. (1) A shipping company shall not be subject to the following requirements of Part I, that is to say-
(a) as respects its balance sheet, those of paragraph 4 (except so far as it relates to assets), paragraphs 5, 6 and 7 and sub-paragraphs (7) and (8) of paragraph 12;
(b) as respects its profit and loss account, those of sub-paragraph (1X2), (e) and () and sub-paragraphs (3) and (4) of paragraph 13 and paragraph 16.
(2) The accounts of a company shall not be deemed, by reason only of the fact that they do not comply with any requirements of Part I from which the company is exempt by virtue of this paragraph, not to give the true and fair view required by this Ordinance.
(3) In this paragraph the expression "shipping company" means a company which, or a subsidiary of which, owns ships or includes amongst its activities the management or operation of ships, being a company which satisfies the Financial Secretary that it ought to be treated for the purposes of this paragraph as a shipping company.
29. Where a company entitled to the benefit of any provision con- Lained in this Part is a holding company, the reference in Part 1 to consolidated accounts complying with the requirements of this Ordinance shall, in relation to consolidated accounts of that company, be construed as referring to those requirements in ko far only as they apply to the separate accounts of that company.
PART IV
INTERPRETATION OF SCHEDULE
30. (1) For the purposes of this Scheduk, unless the context other- wise requires.—
(a) the expression "provision" shall, subject to sub-paragraph (2), mean any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets of retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy;
(b) the expression "reserve" shall not, subject as aforesaid, include any amount written off or retained by way of providing for de- preciation, renewals or diminution in value of assets or retained by way of providing for any known liability or any sum set
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