145.
| (1) Every balance sheet of a company shall give a true and fair view of the state of affairs of the company as at the end of its financial year, and every profit and loss account of a company shall give a true and fair view of the profit or loss of the company for the financial year. |
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| (2) A company's balance sheet and profit and loss account shall comply with the requirements of the Fifth Schedule hereto, so far as applicable thereto. |
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| (3) Save as expressly provided in the following provisions of this section or in Part III of the Fifth Schedule hereto, the requirements of subsection (2) and such Schedule shall be without prejudice either to the general requirements of subsection (1) or to any other requirements of this Act. |
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| (4) Notwithstanding the fact that any company has failed to comply with any of the requirements of this Act as to the matters to be stated in the company's balance sheet or profit and loss account (except the requirements of subsection (1)), the Registrar may, having regard to the paid-up capital and turnover of the company, accept such balance sheet or profit and loss account delivered to him by such company, and accordingly such company shall, for the purposes of this section, be deemed to have complied with all such requirements. |
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| (5) The provisions of subsections (1) and (2) shall not apply to a company's profit and loss account where
| | (a) the company has subsidiaries ; and | | |
| | (b) the profit and loss account is framed as a consolidated profit and loss account dealing with all or any of the company's subsidiaries as well as the company itself and
| | | (i) complies with the requirements of this Act relating to consolidated profit and loss accounts; and |
| (ii) shows how much of the consolidated profit or loss for the financial year is dealt with in the accounts of the company. |
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| (6) Where any balance sheet or profit and loss account of a company, of which a copy is laid before the company in general meeting or is delivered to the Registrar, does not comply with the requirements of this section and with the other requirements of this Act as to the matters to be stated in the accounts, every person who, at the time when the copy is so laid or delivered, is a director of the company, shall be guilty of an offence and, in respect of each offence, shall be liable to a fine not exceeding two thousand rupees : |
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| (7) For the purposes of this section and the following provisions of this Act, except where the context otherwise requires
| | (a) any reference to a balance sheet or profit and loss account shall include any notes thereon or document annexed thereto, giving information which is required and permitted to be so given, by this Act; and | | |
| | (b) any reference to a profit and loss account shall be taken, in the case of a company not trading for profit, as referring to its income and expenditure account, and any reference to profit or to loss and, where the company has subsidiaries, any reference to a consolidated profit and loss account shall be construed accordingly. | | |
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Sri Lanka Consolidated Acts