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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XI: Accounting and Disclosure

Accounting Records

286. Duty to make out annual financial statements and to lay them before annual general meeting

 

 

1) The directors of a company shall in respect of every financial year of the company cause to be made out in one of the official languages of the Republic annual financial statements and shall lay them before the annual general meeting of the company required to be held in terms of section 179 in respect of that financial year.

 

2) The annual financial statements required to be made out under subsection (1) shall consist of-
a) a balance sheet, income statement and additional components required in terms of financial reporting standards;
b) a summary of significant accounting policies and other explanatory notes on the components referred to in paragraph (a);
c) a directors' report complying with the requirements of this Act; and
d) an auditor's report as required by section 301.

 

3) [Subsectino (3) deleted by the Corporate Laws Amendment Act No. 24 of 2006]

 

4)
a) Any director or officer of a company who fails to take all reasonable steps to comply or to secure compliance with the provisions of this section or with any other requirements of this Act as to matters to be stated in annual financial statements, shall be guilty of an offence.
b) In any proceedings against any director or officer of a company under paragraph (a), the defence referred to in section 284(4)(b) shall be available to him.