Section 16. Exhibition and publication of accounts. (Borrowing Companies Act, 1969

Act 6
Borrowing Companies Act, 1969
PART III - FINANCIAL

Section 16. Exhibition and publication of accounts.

(1) Every licensed borrowing company shall -

(a) exhibit in a prominent position in every office or place of business -

(i) a copy of its latest and duly audited balance sheet; and

(ii) the full names of all its directors;

(b) within six months after the close of its financial year forward to the Central Bank two copies of its latest and duly audited balance sheet and profit and loss account; and

(c) publish within fourteen days of the laying of its accounts before the company at its annual general meeting in at least two local daily newspapers one in the National Language and one in English a copy of its latest and duly audited balance sheet.

(2) Any licensed borrowing company which fails to comply with the provisions of this section is guilty of an offence and shall on conviction be liable to a fine not exceeding five thousand dollars.