CO129-503-5 Hong Kong and Shanghai Bank Ordinance- 1927 3-12-1926 - 31-12-1927 — Page 47

56

Balance

sheets to be prepared every year.

Profit and

loss account,

balance sheet and auditors'

report to be

sent to

shareholders

two days before

meeting.

Profit and

Loss account

and balance

sheet may be inspect- ed by share- holders before

meeting.

Copy of

report and halance

sheet to be

sent to

Governor.

Profit and

loss Account and auditors'

report to be laid before annual general

meeting.

Annual report

and balance sheet.

28

140. The accounts of the Bank shall be balanced, and the financial state of the Bank shall be ascertained under the superintendence of the Board, once in every year, up to the 31st day of December in every year, or such other date as the Board may determine, and a profit and loss account and balance sheet, showing the financial state of the Bank up to and on the day of such balancing shall be made.

141. At least two days before the ordinary yearly general meeting a printed copy of the report of the Directors and of the profit and loss account and balance sheet as audited and of the auditors' report thereon, a copy of which shall be attached thereto, shall be sent by the Board to the registered address of every shareholder who has a registered address in the Colony.

142. A copy of the profit and loss account and balance sheet of the Bank from time to time intended for presentation to an ordinary yearly general meeting shall be open to the inspection of shareholders, at the Head Office, at all reasonable times in the day during two days before the meeting.

143. A copy of such account and balance sheet shall, within two days next after the day of such meeting, be sent by the Board to the Governor.

144. At every ordinary yearly general meeting the Board shall lay before the shareholders a duly audited profit and loss account and balance sheet containing a general sunimary of the assets and liabilities of the Bank, made up to the end of the financial year next preceding such meeting from the time when the last preceding account and balance sheet were made up, together with the auditors' report, which latter report shall be attached to the balance sheet and shall be read out at such meeting and shall contain such particulars as are set out in paragraph (2) of regulation 148.

145. Every such balance sheet shall be accompanied by the report of the Board as to the state and condition of the Bank, and as to the amount which the Board recommends to be paid by way of dividend to the shareholders, and the amount (if any) which the Board

The report proposes to carry to reserve. and balance sheet shall be signed by three Directors and countersigned by the Chief Manager and the Chief Accountant.

Audit

Accounts to be audited.

yearly.

Appoint-

ment and

remunera-

tion of auditors.

146. Once at least in every year the accounts of the Bank shall be examined, and the correctness of the profit and loss account and balance sheet ascertained by two or more auditors.

147.--(1) The shareholders shall at each ordinary yearly general meet- ing appoint at least two auditors to hold office until the next ordinary yearly general meeting. Every retiring auditor shall, if qualified, be eligible for re- election.

(2) If an appointment of auditors is not made at an ordinary yearly general meeting, the Board shall appoint auditors for the current year, and fix the remuneration to be paid to them by the Bank for their services.

(3) A director or officer of the Bank or a partner or employee of such director shall not be capable of being appointed auditor of the Bank.

(4) A person, other than a retiring auditor, shall not be capable of being appointed auditor at an ordinary yearly general meeting unless notice of an intention to nominate that person to the office of auditor has been given in writing by a shareholder to the Chief Manager of the Bank not less than four- teen days before the ordinary yearly general meeting, and the Bank shall send