PART VII

Accounts and Audit
CHAPTER I

Provisions Applying to Companies Generally

Procedure on completion of accounts

Directors' duty to lay and deliver accounts
241
1
In respect of each financial year of a company the directors shall lay before the company in general meeting copies of the accounts of the company for that year.
2
The auditors' report shall be read before the company in general meeting, and be open to the inspection of any member of the company.
3
In respect of each financial year the directors—
a
shall deliver to the registrar of companies a copy of the accounts for the year, and
b
if any document comprised in the accounts is in a language other than English, shall annex to the copy of that document delivered a translation of it into English, certified in the prescribed manner to be a correct translation.
4
In the case of an unlimited company, the directors are not required by subsection (3) to deliver a copy of the accounts if—
a
at no time during the accounting reference period has the company been, to its knowledge, the subsidiary of a company that was then limited and at no such time, to its knowledge, have there been held or been exercisable, by or on behalf of two or more companies that were then limited, shares or powers which, if they had been held or been exercisable by one of them, would have made the company its subsidiary, and
b
at no such time has the company been the holding company of a company which was then limited, and
c
at no such time has the company been carrying on business as the promoter of a trading stamp scheme within the Trading Stamps Act 1964.
References here to a company that was limited at a particular time are to a body corporate (under whatever law incorporated) the liability of whose members was at that time limited.
1964 c. 71.