Act Repealed Latest version as at 31 August 1894 (as enacted) | 1894 No 15

Companies' Accounts Audit Act 1894

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Contents

Short Title.

Audit of accounts of companies and mining companies.

Powers of Audit officer.

Expenses of audit to be paid by company.

Repeal.

Companies’ Accounts Audit Act 1894

Public Act		1894 No 15
Date of assent		31 August 1894

	Title
1	Short Title.
2	Audit of accounts of companies and mining companies.
3	Powers of Audit officer.
4	Expenses of audit to be paid by company.
5	Repeal.

An Act giving Power to appoint the Audit Office to audit the Accounts of Companies.

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—

1 Short Title.

The Short Title of this Act is “The Companies’ Accounts Audit Act, 1894.”

2 Audit of accounts of companies and mining companies.

The Governor, from time to time, on an application—

(1.)

Of a majority in number representing two-thirds in value of the shareholders of any limited liability company registered under “The Companies Act, 1882”; or

(2.)

Of a majority in number of the shareholders of any company registered as aforesaid, with unlimited liability; or

(3.)

Of a majority in number representing one-third in value of the shareholders of any incorporated mining company carrying on mining operations in the colony, registered under “The Mining Companies Act, 1886,” or any similar Act previously in force,—

shall order the accounts of any such company or mining company as aforesaid to be audited by the Audit Office, as defined in “The Public Revenues Act, 1891”; and, if so required by the application, shall order a valuation to be made of the assets of any such company.

3 Powers of Audit officer.

The following provisions shall have effect in respect of any such audit:—

(a.)

It shall be the duty of all officers and agents of the company to produce, for the examination of the officer of the Audit Department appointed to inspect the accounts of any company, all books and documents in their custody or power.

(b.)

Any such officer as last mentioned may examine upon oath the officers and agents of the company in relation to its business, and may administer such oath accordingly.

(c.)

If any officer or agent refuses to produce any such book or document, or to answer any question relating to the affairs of the company, he shall incur a penalty not exceeding fifty pounds, or shall be liable to imprisonment for a term not exceeding three months, in respect of each offence.

Upon the conclusion of the examination the Audit Office shall report to the directors of the company, who shall place such report before the shareholders of the company at the next meeting of the company; and, in case of failure or neglect on the part of the directors to comply with the requirements of this section, every director of the company who fails or neglects as aforesaid shall be liable to a penalty not exceeding fifty pounds, to be recovered in a summary manner on the prosecution of any shareholder of the company.

4 Expenses of audit to be paid by company.

The costs and expenses of any such audit and valuation, if required, shall be paid by the company or mining company concerned into the Public Account, and shall be according to the scale fixed by the Governor in Council under section nine of “The Public Revenues Act, 1886,” in relation to the audit of the accounts of local bodies; and it shall be the duty of the Controller and Auditor-General to recover such costs and expenses as a debt due to the Crown in any Court of competent jurisdiction.

5 Repeal.

Section four of “The Mining Companies Act Amendment Act, 1892,” is hereby repealed.

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Companies' Accounts Audit Act 1894