1989 Ed.]
Commodities Trading
[CAP. 250
33
50. Dealers to lodge annual accounts, etc.
(1) A dealer shall-
(a) in respect of the financial year beginning before and ending after the day on which this section comes into operation, or the day on which the dealer commences to carry on business as a dealer, whichever is the later day; and
(b) in respect of each subsequent financial year,
prepare a true and fair profit and loss account and a balance sheet made up to the last day of the financial year and lodge the account and balance sheet with the Commission within 4 months (or such extension thereof permitted by the Commission under subsection (2)) next following the end of the financial year, together with an auditor's report on the account and balance sheet.
(2) Where an application for the extension of the period of 4 months specified in subsection (1) is made by a dealer to the Commission and the Commission is satisfied that there are special reasons for requiring the extension, the Commission may extend that period by 1 month subject to such conditions (if any) as the Commission thinks fit to impose.
(3) Any dealer who fails to comply with subsection (1) or with any condition imposed under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine of $5,000.
(Amended 10 of 1989 s. 65)
51. Reports by auditor to the Commission in certain cases
If, during the performance of his duties as auditor for a dealer, an auditor
(a) becomes aware of any matter which in his opinion adversely affects the financial position of the dealer to a material extent; or
(b) discovers evidence of a contravention by the dealer of section 45 or 46,
he shall, as soon as practicable thereafter, send to the Commission and to the dealer a report in writing of the matter or, as the case may be, the contravention.
(Amended 10 of 1989 s. 65)
52. Power of Commission to appoint auditor
(1) Where-
(a) a dealer fails to lodge an auditor's report under section 50; or
(b) the Commission receives a report under section 51,
the Commission may, if it is satisfied that it is in the interests of the dealer, dealer's clients, or general public, to do so, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books, accounts and records of the dealer.
1
1989 Ed.]
Commodities Trading
[CAP. 250
33
50. Dealers to lodge annual accounts, etc.
(1) A dealer shall-
(a) in respect of the financial year beginning before and ending after the day on which this section comes into operation, or the day on which the dealer commences to carry on business as a dealer, whichever is the later day; and
(b) in respect of each subsequent financial year,
prepare a true and fair profit and loss account and a balance sheet made up to the last day of the financial year and lodge the account and balance sheet with the Commission within 4 months (or such extension thereof permitted by the Commission under subsection (2)) next following the end of the financial year, together with an auditor's report on the account and balance sheet.
(2) Where an application for the extension of the period of 4 months specified in subsection (1) is made by a dealer to the Commission and the Commission is satisfied that there are special reasons for requiring the extension, the Commission may extend that period by 1-month subject to such conditions (if any) as the Commission thinks fit to impose.
(3) Any dealer who fails to comply with subsection (1) or with any condition imposed under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine of $5,000.
(Amended 10 of 1989 s. 65)
51. Reports by auditor to the Commission in certain cases
If, during the performance of his duties as auditor for a dealer, an auditor
(a) becomes aware of any matter which in his opinion adversely
affects the financial position of the dealer to a material extent; or (b) discovers evidence of a contravention by the dealer of section 45
or 46,
he shall, as soon as practicable thereafter, send to the Commission and to the dealer a report in writing of the matter or, as the case may be, the contravention.
(Amended 10 of 1989 s. 65)
52. Power of Commission to appoint auditor
(1) Where-
(a) a dealer fails to lodge an auditor's report under section 50; or (b) the Commission receives a report under section 51,
the Commission may, if it is satisfied that it is in the interests of the dealer, dealer's clients, or general public, to do so, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books, accounts and records of the dealer.
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