193437-1932-Supplementary-Draft-Bill--Companies — Page 52

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Provided that a person shall not be sentenced to imprisonment for an offence under this section unless. in the opinion of the court dealing with the case, the offence was committed wilfully.

s. 124.

123.—(1) Every balance sheet of a company shall sheet. contain a summary of the authorised share capital and 19 & 20 Geo. of the issued share capital of the company, its 5, c. 23, liabilities and its assets, together with such particulars as are necessary to disclose the general nature of the liabilities and the assets of the company and to distinguish between the amounts respectively of the fixed assets and of the floating assets, and shall state how the values of the fixed assets have been arrived at.

(2) There shall be stated under separate headings in the balance sheet, so far as they are not written off-

(a) the preliminary expenses of the company; and (b) any expenses incurred in connection with any issue of share capital or debentures; and (e) if it is shown as a separate item in or is other- wise ascertainable from the books of the com- pany, or from any contract for the sale or purchase of any property to be acquired by the company, or from any documents in the possession of the company relating to the stamp duty payable in respect of any such contract or the conveyance of any such pro- perty, the amount of the goodwill and of any patents and trade-marks as so shown or as- certained.

(3) Where any liability of the company is secured otherwise than by operation of law on any assets of the company, the balance sheet shall include a statement that that liability is so secured, but it shall not be necessary to specify in the balance sheet the assets on which the liability is secured.

(4) The provisions of this section are in addition to other provisions of this Ordinance requiring other matters to be stated in balance sheets.

Assets con-

to be

124. Where any of the assets of a company consist sisting of of shares in, or amounts owing (whether on account shares in of a loan or otherwise) from a subsidiary company subsidiary or subsidiary companies, the aggregate amount of companies those assets, distinguishing shares and indebtedness, set out shall be set out in the balance sheet of the first- separately mentioned company separately from all its other in balance assets, and where a company is indebted, whether sheet. on account of a loan or otherwise, to a subsidiary 19 & 20 Geo. company or subsidiary companies, the aggregate s. 125. amount of that indebtedness shall be set out in the balance sheet of that company separately from all its other liabilities.

5, c. 23,

include

5, c. 23,

125. (1) Where a company (in this section referred Balance to as "the holding company") holds shares either sheet to directly or through a nominee in a subsidiary company particulars or in two or more subsidiary companies, there shall as to sub- be annexed to the balance sheet of the holding com- sidiary pany a statement, signed by the persons by whom in companies, pursuance of section one hundred and twenty-eight of 19 & 20 Geo. this Ordinance the balance sheet is signed, stating s. 126. how the profits and losses of the subsidiary company, or, where there are two or more subsidiary companies, the aggregate profits and losses of those companies. have, so far as they concern the holding company, been dealt with in, or for the purposes of, the accounts of the holding company, and in particular how, and to what extent,-

(a) provision has been made for the losses of a subsidiary company either in the accounts of that company or of the holding company, or of both; and