Cap. 168 ст. 180Accounts of oversea company.

(1) Every oversea company shall, in every calendar year, make out and deliver to the Registrar for registration a balance sheet and profit and loss account in such form, and containing such particulars and including such documents as, under the provisions of this Ordinance, the directors would, if the company had been a company registered under this Ordinance, be required to make out and lay before the company in general meeting: Provided that the Registrar may accept for registration a balance sheet and profit and loss account prepared in the form required under the law of the place of the company’s registration or incorporation if, in his opinion, such accounts give substantially the same information as, or greater information than, that required substantially as much information as that required in the accounts referred to in article 135, the Registrar may, in his absolute discretion, nevertheless agree to accept such accounts for registration in compliance with sub-article (1); but in that event, subject as provided by sub-article (4), the company shall also deliver to the Registrar for registration -

(a) a profit and loss account made out as nearly as may be in the form and containing the particulars required by article 135 and giving a true and fair view of the profit and loss, during the period to which it relates, on the company’s operations in Malta as if such operations had been conducted by a separate company formed in Malta under this Ordinance;

(b) a statement, as at the end of the period to which the profit and loss account referred to in paragraph (a) of this sub-article relates, showing the company’s assets locally situated in Malta classified distinguished and valued in accordance with the provisions of article 135 and Part I of the Third Schedule to this Ordinance, and the nature and amount of the specific charges on such assets; and

(c) a report on the account and statement referred to in the foregoing paragraphs of this sub-article by an auditor qualified in accordance with article 141 stating that in his opinion and to the best of his information the accounts and statements are in accordance with the books and records of the company and give the information required by this Ordinance in the manner therein required and give a true and fair view of the matter therein stated: Provided that this sub-article shall not apply to any company which has at any time made in Malta any invitation to the public to acquire any of its shares or debentures or to deposit money with it.

(3) In the profit and loss account referred to in article (2)(a), the company shall be entitled to make such apportionments and to add such notes and explanations as shall, in its opinion, be necessary or desirable in order to give a true and fair view of the profit or loss of its operations in Malta and for this purpose may debit a reasonable rate of interest on capital employed in Malta.

(4) Notwithstanding that the Registrar agrees to accept a balance sheet and profit and loss account under sub-article (2) he may waive compliance with paragraphs (a), (b) and (c) of that sub-article or any of such paragraphs if satisfied that compliance therewith is impracticable having regard to the nature of the company’s operations in Malta.