THE COMPANIES ORDINANCE, 1972

Signing and circulation of accounts and reports

159.—(1) The company's annual accounts and the directors' annual report shall be approver by the directors and signed by all of them before copies of such accounts or report are sent to the members or debenture holders of the company and before any advertisement of such accounts or report is published :

Provided that if any director refuses to sign, or is unable by reason of physical or mental incapacity to sign, any such account or report this subsection shall be deemed to have been complied with if every copy of the account or repart sent out or advertised as aforesaid contains a statement in clearly legible print of the name of the director and the fact of his refusal or incapacity.

(2)  A copy of the company's annual accounts, the directors' annual report and the report of the auditors on the accounts of the company under section 158 shall, not less than twenty-one days before the date of the annual general meeting before which they are to be laid, be sent to every shareholder and debenture holder of the company and to the auditors of the company.

(3)  If an annual general meeting is called with less than twenty-one days notice and is deemed to have been duly called by virtue of section 123(3), the foregoing subsection shall be deemed to have been complied with if the company's annual accounts, the director's annual report and the auditors' report are sent to every person mentioned in that subsection before or at the same time as the meeting is called.

(4)  If the company has issued any bearer share certificates, or bearer debentures which are outstanding, it shall at the same time as it publishes under section 127(4) an advertisement of the annual general meeting before which the accounts and the reports will be laid, publish the company's annual accounts, the directors' annual report and the auditors' report in a daily newspaper circulating in Seychelles, and such publication shall as regards the holders of bearer share certificates and bearer debentures be deemed to be compliance with subsection (1) of this section.

(5)  Any shareholder or debenture holder of a company shall, on making a written request, be entitled to be supplied by the company (without charge) with a copy of the company's most recent annual accounts, directors' annual report and auditors' report, but no one person shall be entitled to be supplied with more than one copy of each of those documents.

(6) If a company fails to comply with any provision of this section, every officer of the company who is in default shall be guilty of an offence punishable by a fine not exceeding one thousand rupees.