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

Chapter XIII: External Companies

Administrative and Other Duties of External Companies

329. External company to keep accounting records and lodge annual financial statements and interim report

 

 

1) Every external company shall keep in one of the official languages of the Republic such accounting records, including the matters referred to in section 284(1)(a) to (e) inclusive, as are necessary fairly to present the state of affairs and business of the company in the Republic and to explain the transactions concerning its trade and business and its financial position in the Republic.

 

2) The provisions of section 285 in respect of the financial year of a company and section 303 in respect of interim reports shall apply mutatis mutandis to every external company.

 

3) Every external company shall within six months after the end of every financial year lodge with the Registrar, under cover of the prescribed form, a copy of its annual financial statements together with the report of the auditor of the company, in respect of its financial position, trade and business in the Republic.

 

4) The provisions of sections 281, 282 and 283 in regard to the rights, duties and remuneration of auditors and of Chapter XI in regard to the financial statements of companies shall apply mutatis mutandis to the financial statement and report required by subsection (3) of this section in respect of every external company.

 

5) Every external company shall within six months after the end of its financial year, lodge with the Registrar a certified copy of its latest complete annual financial statements as prepared under the requirements of the foreign jurisdiction in which it was incorporated and, if such statements are in a foreign language, a certified translation thereof in one of the official languages of the Republic.

 

6) The Minister, when he considers it to be in the public interest, may exempt an external company from all or any of the obligations imposed by this section and may also do so on application by such external company on the ground that the required disclosure of information or of any particular information will be harmful to the company or will be impracticable or will be of no real benefit to the members of the company in the Republic in view of the insignificant amounts involved: Provided that such application shall be renewed every two years.