COMPANIES ACT, 1929

627

(2) The books of account shall be kept at the registered 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 by 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
a term not exceeding six months or to a fine not exceeding two
hundred pounds:

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

123.—(1) The directors of every company shall at some date
not later than eighteen months after the incorporation of the com-
pany 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
incorporation 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 case of a company
carrying on business or having interests abroad, by more than twelve
months:

Provided that the Board of Trade, if for any special reason they
think fit so to do, may, in the case of any company, extend the
period of eighteen months aforesaid, and in the case of any company
and with respect to any year extend the periods of nine and twelve
months aforesaid.

’rofit and loss
iccount and
>alance sheet.

(2) The directors shall cause to be made out in every calendar
year, 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 affairs,
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 speci-
ically 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 a term not exceeding six months or to a fine
not exceeding two hundred pounds:

Provided that a person shall not be sentenced to imprisonment
for an offence under this section unless in the opinion of the court
dealing with the case, the offence was committed wilfr}