Companies Act, 1973 (Act No. 61 of 1973)

Chapter XI: Accounting and Disclosure

Further Requirements as to Financial Statements

298. Approval and signing of financial statements
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1)The annual financial statements of a company other than the auditor's report, shall be approved by its directors and signed on their behalf by two of the directors or, if there is only one director, by that director, and group annual financial statements shall similarly be approved and signed by the directors of the holding company.

 

2)If a copy of any annual financial statements, or group annual financial statements which have not been approved and signed as required by subsection (1), is issued, circulated or published, every director or officer of the company concerned who is a party to such issue, circulation or publication thereof, shall be guilty of an offence.