ABSTRACT
An Act for the Registration, Incorporation, and Regulation of Joint Stock Companies.
[5th September 1844.]
And be it enacted, That the Books of any such Company wherein the Proceedings of the Company are recorded shall be kept at the principal or only Place of Business of the Company, and at all reasonable Times such Books shall be open to the Inspection of any Shareholder of the Company; subject nevertheless to the Provisions of the Deed of Settlement or of any Bye Law.
Inspection of Books of Registry.
And be it enacted, That the Directors shall cause the Accounts of such Company to be duly entered in Books to be provided for the Purpose.
Account Books.
And be it enacted, That Fourteen Days at the least before the Period at which the Accounts are required to be delivered to the Auditors as herein-after provided the Directors of Such Company shall cause the Books of the Company to be balanced, and a full and fair Balance Sheet to be Examination of made up; and that previously to such Balance Sheet being delivered to the Auditors as herein-after provided the Directors, or any Three of their Number, shall examine such Balance Sheet, and sign it as so examined; and that when the Balance Sheet shall have been so examined the Chairman of the Directors shall sign such Balance Sheet, and that thereupon the Directors shall cause the same to be recorded in the Books of the Company.
Balancing of Books.
Examination of Balance Sheet.
And be it enacted, That at each ordinary Meeting of the Shareholders the Directors shall produce such Balance Sheet to the Shareholders assembled thereat.
Production of the Balance Sheet.
And be it enacted, That during the Space of Accounts by Fourteen Days previously to such ordinary Meeting, and also during One Month thereafter, every Shareholder of the Company may, subject to the Provisions of the Deed of Settlement, or of any Bye Law, inspect the Books of Account and the Balance Sheet of the Company, and take Copies thereof and Extracts therefrom; and that if at any other Time Three Directors authorize in Writing any Shareholder to make such Inspection, then at such other Time the Shareholder so authorized may make such Inspection.
Inspection of Accounts by Shareholders.
Occasional inspection.
And be it enacted, That every Joint Stock Company completely registered under this Act shall annually at a General Meeting appoint One or more Auditors of the Accounts of the Company (One of whom at least shall be appointed by the Shareholders present at the Meeting in Person or by Proxy), and shall return the Karnes of such Auditors to the Registrar of Joint Stock Companies; and that if an Auditor be not appointed on behalf of the Shareholders, or if he shall die, or become incapable of acting, or shall decline to act at the prescribed Period, or if such Return be not made, then on the Application of any Shareholder of the Company it shall be the Duty of the Committee of Privy Council for Trade and they are hereby authorized to appoint an Auditor on behalf of the Shareholders; and that such Auditor shall continue to act till the next General Meeting; and the due Appointment of such Auditor shall be returned to the Registrar of Joint Stock Companies, and that thereupon it shall be his Duty to register the same; and that it shall be lawful for the Commissioners of the Treasury and they are hereby empowered to appoint that the Company shall pay to such Auditor such Salary or Remuneration as to the said Commissioners shall appear suitable, having regard to the Duties of his Office, and that thereupon such Auditor shall be entitled to recover such. Salary from the Company as and when it shall become due, according to the Terms of the Appointment thereof.
Auditors: Appointment of Auditor by Company;
by Board of Trade.
Regulation of Companies.
Salary of such Auditor.
And be it enacted, That Twenty-eight Days at least before the ensuing ordinary Meeting at which such Balance Sheet is required to be produced to the Shareholders the Directors shall deliver to the Auditors the half-yearly or other periodical Accounts and the Balance Sheet required to be presented to the Shareholders; and that the Auditors shall receive from the Directors such Accounts and Balance Sheet, and examine the same.
Delivery of Accounts to Auditors.
Auditors to receive and examine Accounts.
And be it enacted, That throughout the Year and at all reasonable Times of the Day it shall be lawful for the Auditors and they are hereby authorized to inspect the Books of Account and Books of Registry of such Company; and that the Auditors may demand and have the Assistance of such Officers and Servants of the Company, and such Documents, as they shall require for the full Performance of their Duty in auditing the Accounts.
Powers of Auditors.
Assistance to Auditors.
And be it enacted, That within Fourteen Days after the Receipt of such Balance Sheet and Accounts the Auditors shall either confirm such Accounts, and report generally thereon, or shall, if they do not see proper to confirm such Accounts, report specially thereon, and deliver such Accounts and Balance Sheet to the Directors of the Company.
Report by Auditors.
And be it enacted, That Ten Days before the ordinary Meeting of such Company the Directors shall, subject to the Provisions of any Deed of Settlement or Bye Law in that Behalf, send or cause to be sent a printed Copy of the Balance Sheet and Auditors Report to every Shareholder, according to his registered Address, and shall, at such Meeting of the Company, cause such Report to be read, together with the Report of the Directors.
Publication of Reports.
And be it enacted, That within Fourteen Days after such Meeting it shall be the Duty of such Directors and they are hereby required to return to the said Registry Office a Copy of the Balance Sheet, and of the Report of the Auditors thereon; and that thereupon it shall be the Duty of the Registrar of Joint Stock Companies and he is hereby required to register or file the same with the other Documents relating to such Company.
Balance Sheet And Auditors Report to be registered.
