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The Pamphlet Collection of Sir Robert Stout: Volume 88

Accounts

Accounts.

69. The Directors shall cause true accounts to be kept—
(1.)Of the stock in trade of the Company.
(2.)Of the sums of money received and expended by the Company, and the matter in respect of which such receipt and expenditure takes place; and
(3.)Of the credits and liabilities of the Company.

Such accounts shall be kept upon the principle of double entry, in a cash book, journal, and ledger. The books of accounts shall be kept at the principal office of the Company, but the same shall be open for inspection only to the Directors of the Company, and to any person or persons authorised by them, and to the Auditors of the Company.

70. Once at the least in every year after the first year the Directors shall lay before the Company in general meeting a statement of the income and expenditure for the past year made up to a date not more than three months before such meeting.

71. The statement so made shall show arranged under the most convenient heads the amount of gross income, distinguishing the several sources from which it has been derived, and the amount of gross expenditure, distinguishing the expense of the establishment, salaries, and other like matters. Every item of expenditure fairly chargeable against the year's income shall be brought into account, so that a just balance of profit and loss may be laid before the meeting; and n cases where any item of expenditure which may in fairness page 21 be distributed over several years has been incurred in any one year, the whole amount of such item shall be stated, with the addition of the reasons why only a portion of such expenditure is charged against the income of the year.

72. A balance sheet shall be made out in every year after the first year and laid before the general meeting of the Company, and such balance sheet shall contain a summary of the property and liabilities of the Company, arranged under such heads as may be prescribed by the Directors.

73. A printed copy of such balance sheet shall, seven days previously to such meeting, be delivered at the registered address of every shareholder, or posted addressed to every shareholder at such address.