Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. Balance street and audit

Collection:: Economics Books

180 SECRETARIAL PRACTICE company in general meeting,” which includes the balance sheet, a copy of which must be circulated. It is, how- ever, probable that where the information is only as to matters appearing in the profit and loss account, it could properly be included in that account which there is no statutory obligation to circulate. Documents The following documents must be annexed, and in the case 0 10 ok to of items (1) and (2) below attached to every balance sheet. Pale (x) A report by the directors as to the state of the com- eet. pany’s affairs, the amount, if any, which they recom- mend should be paid by way of dividend, and the amount if any which they propose to carry to any reserve, specifically shown in the balance sheet [s. 123 (2)]- The Auditors’ report, which must be read to the general meeting and be open to inspection by any member fs. 129 (1)]. If the company holds shares either directly or through a nominee in any subsidiary company or companies, a statement signed by the persons who sign the balance sheet and containing the particulars required by section 126 as to how the profits and losses of the subsidiary company or companies for the period referred to in s. 126 (3), have been dealt with in or for the purposes of the accounts of the holding company. If the Auditor’s report on the balance sheet of any subsidiary company is qualified in any way, the statement required by s. 126 must contain particulars of the man- ner in which such report is qualified [s. 126 (2)]. If for any reason the Directors of the holding company are unable to obtain such information as is necessary for the preparation of the statement aforesaid, the Directors who sign the balance sheet shall sign a report to that effect which must be annexed to the balance sheet in lieu of the statement [s. 126 (4)]. The Directors and not the Auditors appear to be responsible for the statement required by s. 126 (2). The meaning of subsidiary company is defined in s. 127. Stated shortly, the relationship of holding company and subsidiary company is constituted if the former company, holding directly or through a nominee shares in the latter company, (1) holds fifty per cent of the issued share capital of the latter company, or (2) is entitled to more than fifty per cent. of the voting power in the latter company, or (3) has

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