Secretarial practice

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. Balance street and audit

Collection:: Economics Books

BALANCE SHEET AND AUDIT 181 power (otherwise than under a debenture trust deed) to appoint the majority of the directors of the latter company. [f the ordinary business of the former company includes the lending of money, shares in the latter company held by the former company as security only are not taken into account in determining whether the latter company is a subsidiary of the former company. A company may be a subsidiary company though it is not a ‘company’ within the meaning of the Act, e.g. a statutory company or a foreign company may be a sub- sidiary company within the meaning of the Act. Every balance sheet (not being the balance sheet of a Signing and banking company) must be signed by two directors, or if the Circulation company has only one director by that director [s. 129 (1)]. As x coalance to the balance sheet of a banking company see s. 129 (2), and ’ as to the statement required of banking companies, certain assurance companies and deposit, provident or benefit societies see s. 131. [n the case of a public company a copy of the balance sheet together with every document required by law to be annexed thereto and a copy of the Auditors’ report must be sent to every person entitled to receive notice of the meeting not less than seven days before the holding of the meeting to con- sider such balance sheet [s. 130 (1) (4)], and any member, whether entitled to receive notice of the meeting or not, and any holder of debentures or debenture stock is entitled on de- mand without charge to a copy of such balance sheet and documents {s. 130 (1) (b)]. In the case of a private company the balance sheet and documents need not be circulated, and copies thereof need only be supplied to members and to them only upon payment of not exceeding sixpence for every hundred words as provided by s. 130 (2). Foreign companies to which Part XI of the Act applies ‘see Chapter XXV) must make out and file with the Registrar a balance sheet in the same form and including the same documents as a company within the meaning of the Act; and if the balance sheet is not in the English language a certified translation must be attached thereto [s. 347]. The appointment, remuneration and duties of auditors are Auditors. defined by s. 132 and 134. The first auditors of a company may be appointed by the Appointment directors at any time before the first annual general meeting, of Auditors. and will then hold office until that meeting unless the com- pany at a general meeting of which notice has been served on the auditors in the same manner as on members of the company removes such auditors and appoints others in their place. 1° Foreign Companies.

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