Section 334 - Financial statements of external company

(1) An external company shall, once in every year at intervals of not more than fifteen months, make out and deliver to the Registrar for registration, a statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows, in the form and containing the particulars of financial statements which, under paragraph (a) of subsection (1) of section 128, the directors would have been required to send to the members and debenture holders of the company if it were a company formed in Ghana under this Act.

(2) The Registrar may accept for registration statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows prepared in the form required under the law of the place of the incorporation of the company if, in the opinion of the Registrar, the financial statements give substantially the same, or greater, information as that required to be given in the financial statements referred to in section 128.

(3) The financial statements mentioned in subsection (1) shall be in the English language.

(4) Although the statement of financial position and the statement of comprehensive income prepared in the form required under the law of the place of the incorporation of the company do not give substantially as much information as that required in the statement of financial position referred to in section 130, the Registrar may, nevertheless agree to accept the financial statements for registration in compliance with subsection (1) but in that event, subject to subsection (7), the company shall also deliver to the Registrar for registration, in the English language

(a) a statement of comprehensive income, made out as nearly as may be in the form and containing the particulars required by section 129 and giving a true and fair view of the profit or loss, during the period to which the statement relates, on the operations of the company in the Republic as if the operations had been conducted by a separate company formed in the Republic under this Act;

(b) a statement as at the end of the financial year of the company showing the assets of the company locally situated in the Republic classified, distinguished and valued in accordance with section 130 and Part Two of the Sixth Schedule, and the nature and amount of the specific charges on the assets; and

(c) a report on the account and statement referred to in paragraphs (a) and (b) of this subsection by an auditor qualified in accordance with section 138 stating that in the opinion of the auditor and to the best of the information available the accounts and statements are in accordance with the books and records of the company and give the information required by this Act in the manner required and give a true and fair view of the matters stated.

(5) Subsection (4) does not apply to a company which,

(a) has at any time made in the Republic an invitation to the public to acquire any of shares or debentures of the company or to deposit money with the company; or

(b) has issued shares or debentures which are for the time being dealt in on a stock exchange in the Republic.

(6) In the statement of comprehensive income referred to in paragraph (a) of subsection (4), the company is entitled to make the apportionments and to add the notes and explanations that, in the opinion of the company, are necessary or desirable in order to give a true and fair view of the profit or loss on the operations of the company in the Republic and for this purpose may debit a reasonable rate of interest on capital employed in the Republic.

(7) Although the Registrar agrees to accept a statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows under subsection (4), the Registrar may waive compliance with paragraphs (a), (b) and (c) of that subsection or any of those paragraphs if satisfied that compliance with any of them is impracticable having regard to the nature of the operations of the company in the Republic.

(8) In relation to the accounts and statements referred to in this section, the Registrar shall have the same powers to modify the requirements of Parts One, Two and Three of the Sixth Schedule as the Registrar has in relation to companies formed in the Republic under this Act.

(9) The Minister may, in the public interest and by legislative instrument, modify in relation to an external company any of the requirements in this section for purpose of adapting them to the circumstances of the external company but a modification shall not derogate from the obligations imposed by this section to give a true and fair view of the profit or loss of the company.