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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 142

Profit and loss account and balance sheet.

142.(1) The directors of every company shall at some date not later than
eighteen months after the incorporation of the company 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, so, however,
that the Ministry, if for any special reason it thinks 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.

(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.

(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, so,
however, that

(a)in any proceedings against a person in respect of an offence under this
section, it shall be a defence to prove that he had reasonable ground to
believe and did believe that a competent and reliable person was charged with
the duty of seeing that the provisions of this section were complied with and
was in a position to discharge that duty; and

(b)a person shall not be sentenced to imprisonment for such an offence unless,
in the opinion of the court dealing with the case, the offence was committed
wilfully.]

© 1960 Crown Copyright

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