COMPANIES ACT - 1963 (ACT 179)

    Section - 130 - Provisions Supplemental to Sections 123 to 129

    (1) Any reference in this Code to a profit and loss account or balance sheet or to the accounts of a company, shall include any notes thereon and any document annexed thereto giving information which is required by this Code.

    (2) Any reference in this Code to a profit and loss account shall be taken, in the case of a company limited by guarantee or other company not trading for profit, as referring to its income and expenditure account, and references to profit and loss and to a consolidated profit and loss account shall be construed accordingly.

    (3) If any person, being a director of a company, fails to take all reasonable steps to secure compliance with the provisions of sections 123 to 129 of this Code he shall, in respect of each offence, be liable to imprisonment for a term not exceeding two years or to a fine not exceeding two hundred pounds or to both such imprisonment and fine:

    Provided that,

    (a) in any proceedings against a person for any such offence it shall be a defence to prove that he had reasonable cause to believe, and did believe, that a competent and reliable person was charged with the duty of seeing that the said provisions were complied with and was in a position to discharge that duty; and

    (b) a person shall not be sentenced to imprisonment for any such offence unless, in the opinion of the Court, the offence was committed wilfully.

    (4) It shall be the duty of every director and former director of the company to give notice in writing to the company of such matters relating to himself as may be necessary to enable the company to comply with sections 128 and 129 of this Code; and if notice is given by a director it shall be his duty to secure that it is brought up and read at the next meeting of the directors after it is given:

    Provided that it shall not be necessary for any person to give written notice of loans, guarantees or securities made or given by the company itself.

    (5) Any person who makes default in complying with subsection (4) of this section shall be liable to a fine not exceeding one hundred pounds.

    (6) It shall be the duty of every company to give such written notice to any associated company relating to any transaction entered into by the first named company as may be necessary to enable the associated company to comply with sections 128 and 129 of this Code.

    (7) If any company shall make default in complying with subsection (6) of this section the company, and every officer of the company, who is in default shall be liable to a fine not exceeding one hundred pounds.