Companies Ordinance Cap 32

Section Num: 79I       Version Date 30/06/1997

Requirements for initial accounts

(1) The following are the statutory requirements in respect of initial accounts prepared for a proposed distribution by a listed company.

(2) The accounts shall have been properly prepared, or they shall have been so prepared subject only to matters which are not material for determining, by reference to items mentioned in section 79F(2), whether the proposed distribution would contravene the relevant section.

(3) Section 79H(3) applies as respects the meaning of "properly prepared".

(4) The company's auditors shall have made a report stating whether, in their opinion, the accounts have been properly prepared; and subsection (5) applies if their report is a qualified report, that is to say, it is not a report without qualification to the effect that in the auditors' opinion the accounts have been so prepared.

(5) The auditors shall in that case also have stated in writing whether, in their opinion, the matter in respect of which their report is qualified is material for determining, by reference to items mentioned in section 79F(2), whether the distribution would contravene the relevant section.

(6) A copy of the accounts, of the auditors' report under subsection (4) and of the auditors' statement (if any) under subsection

(5) shall have been delivered to the Registrar.

(7) If the accounts are, or the auditors' report under subsection

(4) or the statement (if any) under subsection (5) is, in a language other than English or Chinese, a translation into English or Chinese of the accounts, the report or the statement (as the case may be) certified in the prescribed manner to be a correct translation, shall also have been delivered to the Registrar.  (Amended 83 of 1995 s. 11)

[cf. 1985 c. 6 s. 273 U.K.]

(Part IIA added 77 of 1991 s. 6)