130
CAP. 32]
Tenth Schedule.
Directors' report to show, for items included under authority of proviso to
section 141C corresponding amounts for preceding financial year.
Penalization of failure by directors to secure
compliance with requirements of sections 129D and 129E.
1967 c. 81, s. 23.
Companies
[1984 Ed.
of the company to acquire benefits by means of the acquisition of shares in, or debentures of, the company or any other body corporate, or there have, at any time in that year, subsisted such arrangements as aforesaid to which the company or the company's subsidiary or holding company or a subsidiary of the company's holding company was a party, contain a statement explaining the effect of the arrangements and giving the names of the persons who at any time in that year were directors of the company and held, or whose nominees held, shares or debentures acquired in pursuance of the arrangements; (Amended, 6 of 1984, s. 90)
(1) contain particulars of any other matters so far as they are material for the appreciation of the state of the company's affairs by its members, being matters the disclosure of which will not, in the opinion of the directors, be harmful to the business of the company or of any of its subsidiaries. (4) As respect a company entitled to the benefit of any provision contained in Part III (exceptions for special classes of company) of the Tenth Schedule, subsection (3) shall have effect as if paragraph (f) were omitted.
(5) For the purposes of subsection (3)(d) and (e), "wholly owned subsidiary" shall be construed in accordance with section 124(4).
(6) The references in subsection (3)(j) to a contract do not include references to a director's contract of service or to a contract between the company and another body corporate, being a contract in which a director of the company has or had an interest by virtue only of his being a director of that other body.
(Added, 80 of 1974, s. 12)
129E. Where advantage is taken of the proviso to section 141C to show an item in the directors' report instead of in the accounts, the report shall also show the corresponding amount of that item for (or, as the case may require, as at the end of) the immediately preceding financial year, except where that amount would not have had to be shown had the item been shown in the accounts.
(Added, 80 of 1974, s. 12)
129F. If any person being a director of a company fails to take all reasonable steps to secure compliance with the requirements of sections 129D and 129E, he shall, in respect of each offence, be liable on summary conviction to a fine of $10,000 and to imprisonment for 6 months:
Provided that—
(a) in any proceedings against a person in respect of an offence under this section, it shall be a defence to prove that he had reasonable ground to believe, and did believe, that a
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Page 21
130
CAP. 32]
Tenth Schedule.
Directors' report to show, for items included under authority of proviso to
section 141C corresponding amounts for preceding financial year.
Penalization of failure by directors to secure
compliance with requirements of sections 129D and 129E.
1967 c. 81, s. 23.
Companies
[1984 Ed.
of the company to acquire benefits by means of the acquisition of shares in, or debentures of, the company or any other body corporate, or there have, at any time in that year, subsisted such arrangements as aforesaid to which the company or the company's subsidiary or hold- ing company or a subsidiary of the company's holding company was a party, contain a statement explaining the effect of the arrangements and giving the names of the persons who at any time in that year were directors of the company and held, or whose nominees held, shares or debentures acquired in pursuance of the arrange- ments; (Amended, 6 of 1984, s. 90)
(1) contain particulars of any other matters so far as they are material for the appreciation of the state of the company's affairs by its members, being matters the disclosure of which will not, in the opinion of the directors, be harmful to the business of the company or of any of its subsidiaries. (4) As respect a company entitled to the benefit of any provision contained in Part III (exceptions for special classes of company) of the Tenth Schedule, subsection (3) shall have effect as if paragraph (ƒ) were omitted.
(5) For the purposes of subsection (3)(d) and (e), "wholly owned subsidiary" shall be construed in accordance with section. 124(4).
(6) The references in subsection (3)(j) to a contract do not include references to a director's contract of service or to a contract between the company and another body corporate, being a contract in which a director of the company has or had an interest by virtue only of his being a director of that other body.
(Added, 80 of 1974, s. 12)
129E. Where advantage is taken of the proviso to section 141C to show an item in the directors' report instead of in the accounts, the report shall also show the corresponding amount of that item for (or, as the case may require, as at the end of) the immediately preceding financial year, except where that amount would not have had to be shown had the item been shown in the
accounts.
(Added, 80 of 1974, s. 12)
129F. If any person being a director of a company fails to take all reasonable steps to secure compliance with the requirements of sections 129D and 129E, he shall, in respect of each offence, be liable on summary conviction to a fine of $10,000 and to imprisonment for 6-months:
Provide that—
(a) in any proceedings against a person in respect of an offence under this section, it shall be a defence to prove that he had reasonable ground to believe. and did believe, that a
(
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