144.
| (1) The directors of every company shall at a date not later than eighteen months from the date of incorporation of the company and subsequently once at least in every calendar year lay before the company at a general meeting, a profit and loss account or, in the case of a company not trading for profit, an income and expenditure account for the period, in the case of the first account, since the incorporation of the company, and, in any other case, since the preceding account, made up to a date not earlier than the date of the meeting by more than nine months, or, in the case of a company carrying on business or having interests outside Sri Lanka, by more than twelve months : |
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| (2) The directors shall cause to be made out in every calendar year, and to be laid before the company in general meeting, a balance sheet as at the date to which the profit and loss account or the income and expenditure account, as the case may be, is made up. |
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| (3) Where any person being a director of a company fails to take all reasonable steps to comply with the provisions of this section, he shall be guilty of an offence, and shall, in respect of each offence, be liable to a fine not exceeding two thousand rupees or to imprisonment of either description for a term not exceeding six months or to both such fine and imprisonment: |
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Sri Lanka Consolidated Acts