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  • Chapter Three — Chapter Three — Company's Accounts

    • Article (286)

      i— The managers shall prepare, for each financial year and within at least three months from the end thereof, the company's balance sheet, profit and loss account and a report on the company's activities and financial position together with their recommendations as regards profit distribution. The managers' report, the balance sheet, the profit and loss account and the other reports shall reflect the company's true financial position.
      ii— The managers shall sign the report, the balance sheet and the profit and loss account.
      iii— The managers shall forward to the Ministry of Commerce and Industry a copy each of the balance sheet, the profit and loss account, the annual report and the auditor's report within ten days from the date of preparing such documents.
      iv— The managers shall not vote on the resolutions discharging them of responsibility for their management.

    • Article (287)

      The company's memorandum of association must provide for the appointment of an auditor or more by the ordinary general assembly every year.

      In respect of their powers, responsibilities and terms of reference, the auditors shall be subject to the provisions of articles (217) to (222) of this law.

    • Article (288)

      The company shall maintain a statuary reserve in accordance with the provisions of article (224) of this law applicable to joint-stock companies.