Kwame nkrumah university of science and technology institute of distance learning


CIRCULATION OF FINANCIAL STATEMENTS AND REPORTS



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auditing Assign
2. CIRCULATION OF FINANCIAL STATEMENTS AND REPORTS
ACT 128. (1) The directors of a company shall, at a date not later than eighteen months after the incorporation of the company and subsequently once at least in every calendar year at intervals of not more than fifteen months, prepare and send to every member of the company and to every holder of debentures of the company a copy of each of the following documents:
(a) financial statements prepared and signed in accordance with sections 129 to 135;
(b) a report by the directors in accordance with section 136; and
(c) a report by the auditors in accordance with section 137.
(2) Subsection (1) does not require a copy of the documents to be sent to a member or debenture holder of whose address the company is unaware, but that member or debenture holder is entitled to be furnished on demand without charge with a copy of the last of the financial statements and reports of directors and auditors.
(3) Unless the holding of an annual general meeting is duly waived by the members in accordance with subsection (5) of section 157, the documents referred to in subsection (1) of this section shall be laid before the company in general meeting.
(4) The Registrar may extend the periods of eighteen months and fifteen months referred to in subsection (1) and, in the circumstances referred to in subsection (8) of section 131, may waive the requirements of this section in respect of a calendar year.


3. PUBLICATION OF FINANCIAL STATEMENTS
ACT 135. (1) A company shall not issue, publish or circulate a copy of the financial statements unless
(a) the company attaches to the financial statements, reports of the directors and auditors respectively, as required under sections 136 and 137, and
(b) the financial statements have been approved by the board of directors and, after that approval, signed by two directors on behalf of the board.
(2) Subsection (1) does not prohibit the publication of
(a) a fair and accurate summary of the financial statements and report of the auditors on the financial statements after the financial statements have been approved, and signed
on behalf of the board of directors; and
(b) a fair and accurate summary of the profit or loss and other comprehensive income statements for part of the financial year of the company.
(3) In the event of a breach of subsection (1), the company and every officer of the company that is in default is liable to pay to the Registrar an administrative penalty of one hundred and fifty penalty units.



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