Accounts to be kept.
Directors to
62
the Company, may be either employed in the business of the Company or be invested by the Directors upon such securities (other than the purchase of or loan upon shares of the Company) as the Directors may from time to time think proper with power for them from time to time to deal with and vary such invest- ments, and to dispose of all or any part thereof for the benefit of the Company, and to divide the Reserve into such special funds as they may think fit.
Accounts.
198. The Directors shall cause true accounts to be kept of all sums of money received and expended by the Company, and the matters in respect of which such receipt and expenditure takes place, and of the property assets credits and liabilities of the Company, and of all other matters necessary for showing the true state and condition of the Company.
199. The Directors shall comply with the require- comply with ments of Sections 77 of the Companies Ordinance 1911 as amended by Section 9 of the Companies Amendment Ordinance 1913.
Ordinances.
Where to be kept.
Inspection by members.
Annual accounts.
200. The books of account shall be kept at the Head Office or at such other place or places as the Directors think fit, and shall always be open to the inspection of Directors.
201. The Directors shall from time to time deter- mine whether and to what extent, and at what times and places, and under what condition or regulations, the accounts and books of the Company, or any of them, shall be open to the inspection of members not being Directors and no member (not being a Director) shall have any right of inspecting any account or book or document of the Company, except as conferred by Ordinance or authorized by the Directors or by the Company in General Meeting,
202. Once at least in every year, the Directors shall lay before the Company in General Meeting a duly audited profit and loss account for the period since the preceding account or (in the case of the first
63
account) since the incorporation of the Company made up to a date not more than six months before such meeting.
balance sheet
203. A balance sheet shall be prepared in every Annual year and laid before the Company in General Meeting and report of made up to a date not more than six months before directors. such meeting. The balance sheet shall be accom- panied by a report of the Directors as to the state of the Company's affairs, the amount which they recom- mend to be paid out of the profits by way of dividend, or bonus, to the members, and the amount (if any) which they propose to carry to a reserve fund according to the provisions in that behalf hereinbefore contained; and the account, report, and balance sheet shall be signed by two Directors and countersinged by the Permanent General Manager or by the General Manager if and when appointed or some other person appointed by the Directors.
etc., to be
204. A printed copy of each account and balance Copies of sheet and report, shall, seven days previously to the accounts, Meeting be sent to the persons entitled to receive sent to notices are to be given hereunder.
Audit.
members.
205. Once at least in every year except the year of Accounts to the incorporation of the Company the accounts of the be audited Company shall be examined and the correctness of annually. the profit and loss account and balance sheet ascer- tained by one or more auditor or auditors.
206. The Company at such Ordinary General Audit Meeting shall appoint an auditor or auditors to hold provisions. office until the next Ordinary General Meeting and the following provisions shall have effect that is to say :-
(1) If an appointment of auditors is not made at an Ordinary General Meeting the Court may on the application of any member of the Company appoint an auditor for the current year and fix the remuneration to be paid to him by the Company.
258
No comments yet.
Private notes are available after approval.