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RAILWAY COMPANIES ACT 1867 - SECT 30

Audit of railway accounts prior to declaration of dividends.

30. No dividend shall be declared by a company until the auditors have
certified that the half-yearly accounts proposed to be issued contain a full
and true statement of the financial condition of the company, and that the
dividend proposed to be declared on any shares is bona8 fide due thereon after
charging the revenue of the half year with all expenses which ought to be paid
thereout in the judgment of the auditors; but if the directors differ from the
judgment of the auditors with respect to the payment of any such expenses out
of the revenue of the half year, such difference shall, if the directors
desire it, be stated in the report to the shareholders, and the company in
general meeting may decide thereon, subject to all the provisions of the law
then existing, and such decision shall for the purposes of the dividend be
final and binding; but if no such difference is stated, or if no decision is
given on any such difference, the judgment of the auditors shall be final and
binding; and the auditors may examine the books of the company at all
reasonable times, and may call for such further accounts, and such vouchers,
papers, and information, as they think fit; and the directors and officers of
the company shall produce and give the same as far as they can, and the
auditors may refuse to certify as aforesaid until they have received the same;
and the auditors may at any time add to their certificate, or issue to the
shareholders independently, at the cost of the company, any statement
respecting the financial condition and prospects of the company which they
think material for the information of the shareholders.

Abandonment of railways authorized by Acts passed before this session.

© 1867 Crown Copyright

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