416

Ch. 31. No. 1.] Companies.

 

director or officer of the company, including any such
Joans which were repaid during the said period; and

(6) the amount of any loans made in manner afore-
“ud to any director or officer at any time before the

period aforesaid and outstanding at the expiration
thereof; and

(c) the total of the amount paid to the directors as
remuneration for their services, inclusive of all fees,
percentages, or other emeluments, paid to or receivable
by them by or from the company ot by or from any
subsidiary company.

(2) The provisions of subsection (1) of this section

with respeet to loans shall not apply:

(a) in the case of a company the ordinary business of
Which includes the Jending of money, to a loan made
by the company in the ordinary course of its business ;
or

(6) toa loan made by the company to any employee
of the company if the loan does not exceed ten thousand
dollars and is certified by the directors of the company
to have been made in accordance with any practice
adopted or about to be adopted by the company with
respect to loans to its emplovee.

(3) The provisions of subsection (1) of this section
with respect to the remuneration paid to directors shall not
apply in relation to a managing director of the company,
and in the case of any other director who holds any salaried
employment or office in the company there shall not be
required to be ineluded in the said total amount any sums
paid to him except sums paid by way of directors’ fees.

(+) If in the case of any such accounts as aforesaid
the requirements of this section are not complied with, it
shall be the duty of the auditors of the company by whom
the accounts are examined to include in their report on the
balance sheet of the company, so far as they are reasonably
able to do so, a statement giving the required particulars.

(5) In this section the expression emoluments
includes fee., percentages and other payments made or
consideration given, directly or indirectly, to a director as
such, and the money value of any allowances or perquisites
belonging to his office.