CO129-520-7 Public Utility companies- acquisition by foreign groups 4-12-1929 - 26-1-1930 — Page 140

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Inspection

140. The Directors shall from time to time deter- by members. mine whether and to what extent, and at what times and

Annual Ac- count and Balance Sheet.

Annual report of Directors.

Account, Balance Sheet and Report to be sent to Mem- bers.

Accounts to be audited yearly.

Auditors.

Remunera-

places, and under what conditions or regulations, the accounts and books of the Company, or any of them shall be open to the inspection of members; and no member shall have any right of inspecting any account or book or document of the Company, except as conferred by Ordinance, or authorised by the Directors or by a resolu- tion of the Company in General Meeting.

141. At every Ordinary Yearly Meeting, the Direc- tors shall lay before the meeting a Profit and Loss Account, and a Balance Sheet, containing a summary of the property and liabilities of the Company, made up to a date not more than six months before the meeting, from the time when the last preceding Account and Balance Sheet were made up.

142. Every such Balance Sheet shall be accompanied by a Report of the Directors as to the state and condition of the Company, and as to the amount which the Directors have decided is, with the sanction of the Company, 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 the Reserve Fund, according to the provisions in that behalf herein before contained; and the Account, Re- port and Balance Sheet shall be signed by two Directors.

143. A printed copy of such Account, Balance Sheet and Report shall, seven days previously to the meeting, be served on the Registered holders of shares, in the man- ner in which notices are hereinafter directed to be served.

Audit.

144. Once at least in every year the accounts of the Company shall be examined, and the correctness of the Profit and Loss Account and Balance Sheet ascertained by an Auditor or Auditors.

145. The provisions of the Companies Ordinances, 1911 to 1925, as to Auditors shall apply.

146. The remuneration of the Auditors shall be fixed tion of Audi- by the Company in General Meeting except that the remuneration of any Auditors appointed to fill a casual vacancy may be fixed by the Directors.

tors.

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