| (1) |
The accounting officer of a corporation shall, not later than three months after completion of the annual financial statements— |
| (b) |
review the appropriateness of the accounting policies represented to the accounting officer as having been applied in the preparation of the annual financial statements; and |
| (c) |
report in respect of paragraphs (a) and (b) to the corporation. |
| (a) |
If during the performance of his duties an accounting officer becomes aware of any contravention of a provision of this Act, he shall describe the nature of such contravention in his report. |
| (b) |
Where an accounting officer is a member or employee of a corporation, or is a firm of which a partner or employee is a member or employee of the corporation, his report shall state that fact. |
| (3) |
If an accounting officer of a corporation— |
| (a) |
at any time knows, or has reason to believe, that the corporation is not carrying on business or is not in operation and has no intention of resuming operations in the foreseeable future; or |
| (b) |
during the performance of his duties finds— |
| (i) |
that any change, during a relevant financial year, in respect of any particulars mentioned in the relevant founding statement has not been registered; |
| (ii) |
that the annual financial statements indicate that as at the end of the financial year concerned the corporation's liabilities exceed its assets; or |
| (iii) |
that the annual financial statements incorrectly indicate that as at the end of the financial year concerned the assets of the corporation exceed its liabilities, or has reason to believe that such an incorrect indication is given, |
he shall forthwith by registered post report accordingly to the Registrar.
| (4) |
If an accounting officer of a corporation has in accordance with subparagraph (ii) or (iii) of paragraph (b) of subsection (3) reported to the Registrar that the annual financial statements of the corporation concerned indicate that as at the end of the financial year concerned the corporation's liabilities exceed its assets or that the annual financial statements incorrectly indicate that as at the end of the financial year concerned the assets of the corporation exceed its liabilities, or that he has reason to believe that such an incorrect indication is given, and he finds that any subsequent financial statements of the corporation concerned indicate that the situation has changed or has been rectified and that the assets concerned then exceed the liabilities or that they no longer incorrectly indicate that the assets exceed the liabilities or that he no longer has reason to believe that such an incorrect indication is given, as the case may be, he may report to the Registrar accordingly. |
Intellectual Property Rights from Publicly Financed Research and
