1)The members of a corporation shall within nine months after the end of every financial year of the corporation cause annual financial statements in respect of that financial year to be made out in one of the official languages of the Republic.
2)The annual financial statements of a corporation-
a)shall consist of-
i)a balance sheet and any notes thereon; and
ii)an income statement or any similar financial statement where such form is appropriate, and any notes thereon;
b)shall in conformity with generally accepted accounting practice, appropriate to the business of the corporation, fairly present the state of affairs of the corporation as at the end of the financial year concerned, and the results of its operations for that year;
c)shall disclose separately the aggregate amounts, as at the end of the financial year, of contributions by members, undrawn profits, revaluations of fixed assets and amounts of loans to or from members, and the movements in these amounts during the year;
d)shall be in agreement with the accounting records, which shall be summarised in such a form that-
i)compliance with the provisions of this subsection is made possible; and
ii)an accounting officer is enabled to report to the corporation in terms of section 62(1)(c) without it being necessary to refer to any subsidiary accounting records and vouchers supporting the entries in the accounting records:
Provided that nothing contained in this paragraph shall be construed as preventing an accounting officer, if he deems it necessary, from inspecting such subsidiary accounting records and vouchers; and
e)shall contain the report of the accounting officer referred to in section 62(1)(c).
3)The annual financial statements shall be approved and signed by or on behalf of a member holding a member's interest of at least 51 per cent, or members together holding members' interests of at least 51 per cent, in the corporation.
a)Any member of a corporation who fails to take all reasonable steps to comply or to secure compliance with any provision of this section, shall be guilty of an offence.
b)In any proceedings against any member of a corporation under paragraph (a) the defence referred to in section 56(5)(b) shall be available to him.