1964_COMPANIES_ORDINANCE — Page 32

142

CAP. 32]

Companies

[1984 Ed.

Construction of

references to

documents

annexed to accounts.

1948 c. 38, s. 163.

Power of

shareholders of certain private companies to

waive compliance with require-

ments as to

accounts.

Eleventh Schedule.

shall not have effect so as to require there to be shown corresponding amounts for the immediately preceding financial year of items which would not have had to be shown in the profit and loss account if it had been a profit and loss account in respect of a financial year ending before 30 September 1975.

( Added, 80 of 1974, s. 13)

141C. References in this Ordinance to a document annexed or required to be annexed to.a company's accounts or any of them shall not include the directors' report or the auditors' report:

Provided that any information which is required by this Ordin- ance to be given in accounts, and is thereby allowed to be given in a statement annexed, may be given in the directors' report instead of in the accounts and, if any such information is so given, the report shall be annexed to the accounts and this Ordinance shall apply in relation thereto accordingly, except that the auditors shall report thereon only so far as it gives the said information.

(Added, 80 of 1974, s. 13)

Accounts of certain private companies

141D. (1) Where all the shareholders of a private company agree in writing that this section shall apply with respect to a financial year of that company-

(a) the following provisions of this Ordinance shall not apply with respect to that financial year, that is to say, sections 121(2), 123, 129, 129A, 129D, 129E and 141(3);

(b) the company's balance sheet as at the end of that financial year shall comply with the requirements of the Eleventh Schedule:

(c) there shall be attached to the balance sheet a report by the

directors with respect to-

(i) the state of the company's affairs;

(ii) the amount (if any) which they recommend should be paid by way of dividend;

(iii) the amount of (if any) which they propose to carry to the reserve fund, general reserve or reserve account shown specifically on the balance sheet or to a reserve fund, general reserve or reserve account to be shown specifically on a subsequent balance sheet;

(d) the directors' report so attached shall be approved by the board of directors and signed on behalf of the board either by the chairman of the meeting at which it was approved or by the secretary of the company;

(e) the auditors' report shall state—

(i) whether or not the auditors have obtained all the in- formation and explanations which they have required; and