Companies Act (Cap. 386), article 387

387. (1) Every oversea company shall, within within twelve months from the end of every accounting period, make out and deliver to the Registrar for regi stration a balan ce sheet, a pr ofit and loss account and the notes to t he accounts in such form, and containing such particulars and including such documents as, un der the provisions of this Act, the directors would, if the company had been a company formed and registered under this Act, be require d to make out and lay before t he company in general meeting: 240 CAP. 386.] COMP ANIES Provided that the Registrar may accept for registration a balance sheet, profit and loss acco unt and the notes to the acc ounts prepared in the form required under the law of the place of the company’s constitution or incorporation if, in his opinion, or if as prescribed, such accounts give s ubstantially the same informati on as, or greater information than, that required to be given in t he accounts referred to in article 167. (2) Notwithstanding that the balance sheet, profit and loss account and the notes to the accoun ts prepared in the form requ ired under the law of the place of the company’s constitution or incorporation do not give substantially as much information as that required in the accounts referred to in article 167, the Regist rar may, in his absolute discretion, nevertheless agree to accept s uch accounts for registration in compliance with sub-article (1); b ut in that event, subject as provided by sub-article (4), the company shall also deliver to the Registrar for registration - (a) a profit and loss account made out as nearly as may be in the form and containing the particulars required by t h e p r o v i s i o n s o f C h a p t e r X o f T i t l e I o f P a r t V a n d generally accepted accounting principles and practice governing the profit and loss account of companies formed and registered in Malta and giving a true and fair view of the profit and loss, during the period to which it relates, on the company’s operations in Malta as if such operations had b een conducted by a separate company formed and registered in Malta under this Act; (b) a s t a t e m e n t , a s a t t h e e n d o f t h e p e r i o d t o w h i c h t h e profit and loss account referred to in paragraph (a) relates, showing the company’s assets locally situated in Malta classified, distinguished and valued in accordance with the provisi ons governing the accounts of companies formed and registered in Malta contained in Chapter X of Title I of Part V and generally accepted accounting principles and practice, and the nature and amount o f the specific charges on such assets; and (c) the notes to the accounts giving additional information to that given in the profit and loss account and in the balance sheet referred to in paragraphs ( a) and ( b) relating to the company’s operations in Malta and the assets locally situated in Malta, drawn up in accordance with the provisions of Chapter X of Title I of Part V an d generally accepted accounting principles and practice governing the notes to the accounts of companies formed and reg istered in Malta; and (d) a report on the account and statement referred to in the foregoing paragraphs of this sub-article by an auditor qualified in accordance with article 153 stating that in his opinion and to the best of his information the accounts and statements a re in accordance with the accounting records of the company and give the COMP ANIES [CAP. 386. 241 information required by this Act in the manner therein r equir ed and give a true and f air view of the matters therein stated: Provided that the provisions of this sub-article shall not apply to any company which has at any time made in Malta any invitation to the public to acquire any of its shares or debent ures or to deposit money with it. (3) In the profit and loss accoun t referred to in sub-article (2)(a), the company may make such apportionments and add such explanations as shall, in its opi nion, be necessary or desirabl e in order to give a true and fair view of the profit or loss of its operations in Malta and for this purpose may debit a reasonable rate of interest on capita l employed in Malta. (4) Notwithstanding that the Registrar agrees to accept a balance sheet, profit and loss account and the notes to the acc ounts under sub-article (2) he may waive compliance with paragraphs ( a), (b), (c) and ( d) of that sub-article or any of such paragraphs if satisfied that compliance therew ith is impracticable having reg ard to the nature of the company’s operations in Malta. (5) If any such document as is mentioned in sub-articles (1) to (4) is not written in the Maltese or English language there sha ll be annexed to it a translation ther eof into either of such languag es, certified to be a correct translation in such manner as may be prescribed. Other obligations of oversea company.