193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 50

Inspection

of minute books.

19 & 20 Geo. 5, c. 23, B. 121.

Keeping of books of

account.

19 & 20 Geo.

5, c. 23,

s. 122.

1576

(3) Where minutes have been made in accordance with the provisions of this section of the proceedings at any general meeting of the company or meeting of directors or managers, then, until the contrary is proved, the meeting shall be deemed to have been duly held and convened, and all proceedings had thereat to have been duly had, and all appointments of directors, managers, or liquidators, shall be deemed to be valid.

120.-(1) The books containing the minutes of proceedings of any general meeting of a company held after the commencement of this Ordinance shall be kept at the registered office of the company, and shall during business hours (subject to such reasonable restrictions as the company may by its articles or in general meeting impose, so that no less than two hours in each day be allowed for inspection) be open to the inspection of any member without charge.

(2) Any member shall be entitled to be furnished, within seven days after he has made a request in that behalf to the company, with a copy of any such minutes as aforesaid at a charge not exceeding twenty- five cents for every hundred words.

(3) If any inspection required under this section is refused or if any copy required under this section is not sent within the proper time, the company and every officer of the company who is in default shali be liable in respect of each offence to a fine not exceeding twenty dollars and further to a default fine of twenty dollars.

(4) In the case of any such refusal or default, the court may by order compel an immediate inspection of the books in respect of all proceedings of general meetings or direct that the copies required shall be sent to the persons requiring them.

Accounts and Audit.

121. (1) Every company shall cause to be kept proper books of account with respect to---

(a) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place; (b) all sales and purchases of goods by the com-

pany;

(c) the assets and liabilities of the company. And for this purpose every company shall cause to be kept the following books, namely:-

-

(i) A cash book or books which shall contain a full and complete record of all sums of money paid to the company or to any agent of the company and of all sums of money expended by the company or by any agent of the com. pany and of the matters in respect of which such receipt and expenditure take place:

Provided that, if such book or books are kept in a language other than English, there shall also be kept in the English language a book which shall contain a daily summary of all the receipts which are recorded in the cash book or books. There shall be set out in such summary under appropriate heads the daily totals of receipts and payments in such a manner as to show clearly their respective sources and the accounts in respect of which they are made, and full particulars shall be given in respect of all receipts and payments on account of capital and of all payments made to directors of the company. entries in such book shall in every case be made at a date not later than one month from the date under which the transactions of which they are a record are entered in the cash book or books.

The

Page 50Page 51