Companies Act (Cap. 386), article 181

181. (1) In respect of each accounting period of a company the directors shall lay before the company in general meeting for i ts approval copies of the annual accounts of the company for that period. There shall be annexed to the annual accounts, the audi tors’ report as specified in article 179 and the directors’ report as specified in article 177. (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) If default is made in complying with the provisions of sub- article (1), or if the annual ac counts laid before the company do not comply with the provisions of this Act, every person who immediately before the end of the period for laying such accoun ts was a director of the company sh all be liable to a penalty and, for every day during which the default continues, to a further pena lty. (4) It shall be a defence for a person charged under sub-article (3) to prove that he took all reasonable steps for securing tha t the requirements of sub-article (1) w ould be complied with before t he end of the period for laying of annual accounts. It shall not b e a defence to prove that the document or documents in question wer e not in fact prepared a s required by this Act. Period for laying and approval of accounts. Amended by: XV . 2007.10; XX. 2013.82; XXXI. 2015.14.