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Publication and exhibition of audited balance sheet

Finance Companies Act 1967

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—(1) Every finance company must exhibit in a conspicuous position in each of its offices and branches in Singapore —(a)a copy of its latest audited annual balance sheet and profit and loss account, together with any notes thereon, and a copy of the report of the auditors; and(b)the full and correct names of all persons who are currently directors of the finance company.(2) Every finance company must, within 6 months after the close of each financial year or within such period as the Authority may approve, publish in at least 4 local daily newspapers, one each published in the Malay, Chinese, Tamil and English languages, a copy of its latest audited annual balance sheet and profit and loss account, containing at least the information that the Authority may require by written notice.(3) The Authority may by written notice require a finance company to publish, in addition to its balance sheet and profit and loss account under subsection (2), any additional information relating to the accounts of that finance company for any financial year that the Authority thinks fit.(4) A copy of the documents referred to in subsections (1) and (2) must be sent to the Authority by the finance company, prior to its first publication in any newspaper under those subsections, together with a copy of the directors’ report.(5) The annual balance sheet and profit and loss account of the finance company mentioned in subsections (1) and (2) and the half year interim profit and loss account of the finance company must be in such form as the Authority may approve.(6) The Authority may require any finance company to submit such further or additional information as it may consider necessary either by way of explanation, amplification or otherwise with regard to the balance sheet and profit and loss account sent by that finance company under subsection (4) and that information must be submitted within such period and in such manner as the Authority may require.(7) Any finance company which fails to comply with any of the provisions of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and, in the case of a continuing offence, to a further fine of $1,000 for every day during which the offence continues after conviction.

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