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Section 59: Appointment of accounting officers:
If a vacancy occurs in the office of an accounting officer, whether as a result of a removal, resignation or otherwise, the corporation will within 28 days appoint another accounting officer.
The appointment of the first accounting officer of a corporation will take effect on the date of the registration of the corporation.
A corporation will inform its accounting officer in writing of his removal from office.
Every corporation has to appoint an accounting officer.
An accounting officer will on resignation or removal from office:
will send a copy of the letter to the last known address of the registered office of the corporation and
in addition by registered post inform the Registrar:
that he has resigned or been removed from office;
of the date of his resignation or removal from office;
of the date up to which he performed his duties; and
whether, at the time of the resignation or removal from office of the accounting officer, that officer was aware of any matters in the financial affairs of the corporation which are in contravention of the provisions of this Act.
inform every member of the corporation thereof in writing, and
If an accounting officer who has been removed from office is of the opinion that he was removed for improper reasons, he will by registered post inform the Registrar thereof, and will send a copy of the letter to every member.
Section 62: Duties of accounting officers:
The accounting officer of a corporation will, not later than three months after completion of the annual financial statements:
report on the above to the corporation.
review the appropriateness of the accounting policies represented to the accounting officer as having been applied in the preparation of the annual financial statements; and
determine whether the annual financial statements are in agreement with the accounting records of the corporation;
If during the performance of his duties an accounting officer becomes aware of any contravention of a provision of this Act, he will describe the nature of such contravention in his report.
If an accounting officer:
at any time knows, or has reason to believe, that the corporation is not carrying on business or is not in operation and has no intention of resuming operations in the foreseeable future; or
during the performance of his duties finds:
that any change, during a relevant financial year, in respect of any particulars mentioned in the relevant founding statement has not been registered;
that the annual financial statements indicate that as at the end of the financial year concerned the corporation's liabilities exceed its assets; or
that the annual financial statements incorrectly indicate that as at the end of the financial year concerned the assets of the corporation exceed its liabilities, or has reason to believe that such an incorrect indication is given,
he shall forthwith by registered post report accordingly to the Registrar.
Section 61: Right of access and remuneration of accounting officers:
An accounting officer of a corporation will at all times have a right of access to the accounting records and all the books and documents of the corporation, and to require from members such information and explanations as he considers necessary for the performance of his duties as an accounting officer.
The remuneration of an accounting officer will be determined by agreement with the corporation.
Section 60: Qualifications of accounting officers:
No person will be appointed as or hold the office of an accounting officer of a corporation, unless he is a member of a recognized profession which:
as a condition for membership, requires its members to have passed examinations in accounting and related fields of study which in the opinion of the Minister would qualify such members to perform the duties of an accounting officer under this Act; and
has the power to exclude from membership those persons found guilty of negligence in the performance of their duties or of conduct which is discreditable to their profession.