Companies. [Ch. 31. No. 1.

 

(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.

120. (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 company ;
(c) the assets and liabilities of the company.

(2) The books of account shall be kept at the regis-
tered office of the company or at such other place as the
directors think fit, and shall at all times be open to inspection
by the directors.

(3) If any person being a director of a company fails
to take all reasonable steps to secure compliance by the
company with the requirements of this section, or has b
his own wilful act been the cause of any default by the
company thereunder, he shall, in respect of each offence, be
liable on summary conviction to imprisonment for six months
or to a fine of one thousand dollars:

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

121. (1) The directors of every company shall at some
date not later than cightcen months after the incorporation
of the company and subsequently once at least in every
calendar year lay before the company in general meeting
a profit and loss account or, in the case of a company not
trading for profit, an income and expenditure account for
the period, in the case of the first account, since the incor-
poration of the company, and, in any other case, since the
preceding account, made up to a date not earlier than the
date of the meeting by more than nine months, or, in the

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Keeping of
books of
account.

Profit and
loss account
and balance
sheet.