412

Contents of
balance
sheet.

Ch. 31. No. 1.] Companies.

case of a company carrying on business or having interests
abroad, by more than twelve months:

Provided that the Registrar, if for any special reason
he thinks fit so to do, may, in the case of any company,
‘xtend the period of eighteen months aforesaid, and in the
case of any company and with respect to any vear extend
the periods of nine and twelve months aforesaid.

(2) The directors shall cause to be made out in every
calendar vear, and to be laid before the company in general
meeting, a balance sheet as at the date to which the profit
and loss account, or the income and expenditure account,
as the case may be, is made up, and there shall be attached
to every such balance sheet a report, by the directors with
respect to the state of the company’s aflairs, the amount,
if any which they recommend should be paid by way of
dividend, and the amount, 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.

(3) If any person being a director of a company fails
to take all reasonable steps to comply with the provisions of
this section, he shall, in respect of each offence, be liable on
summary conviction to imprisonment for six months or toa
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.

122. (1) Every balance sheet of a company shall contain
a summary of the authorised share capital and of the issued
share capital of the company, its liabilities and its assets,
together with such particulars as are necessary to disclose
the general nature of the liabilities and the assets of the
company and to distinguish between the amounts respec-
tively of the fixed assets and of the floating assets, and shall
state how the values of the fixed assets have been arrived at.

(2) There shall be stated under separate headings
in the balance sheet, so far as they are not written off—

(a) the preliminary expenses of the company; and