Companies Act (Cap. 386), article 200

200. (1) The provisions of this article shall constitute the requirements in respect of initi al accounts prepared for a prop osed distribution by a public company. (2) The accounts shall have been properly prepared, or they shall have been so prepared subj ect only to matters which are n ot material for determining, by refe rence to items mentioned in ar ticle 197(2), whether the proposed distribution would contravene the relevant article of this Chapter. (3) Article 199(3) and (4) shall apply as respects the meaning o f "properly prepared". (4) The company’s auditors shall have made a report stating whether, in their opinion, the accounts have been properly prepared, and sub-article (5) sha ll apply 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 the case referred to in sub-article (4 ) also have stated in writing, whe ther, in their opinion, the mat ter in respect of which their report is qualified is material for determining, by reference to items mentioned in article 197(2), whether the distribution would contravene the relevant article of this Chapter. (6) A copy of the accounts, of the auditors’ report under sub- article (4) and of the auditors’ statement, if any, under sub-a rticle (5) shall have been deliv ered to the Registrar. (7) If the accounts are, or the a uditors’ report under sub-artic le (4) or their statement, if any, under sub-article (5), is in a language 138 CAP. 386.] COMP ANIES other than Maltese or English, a translation into English or Ma ltese of the accounts, the report or the statement, as the case may b e, certified to be a correct translation in such manner as may be prescribed, shall also have been delivered to the Registrar. Method of applying article 197 to successive distributions.