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Accounts and audits.
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17.—(1) The Company shall keep in such form as shall be approved by the Minister all proper and usual accounts of all moneys received or expended by it, and, in particular, shall keep in such form as aforesaid all such special accounts as the Minister may from time to time direct.
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(2) As soon as may be after the end of each accounting year, accounts kept in pursuance of this section shall be submitted by the Company to an auditor (whose appointment shall be subject to approval by the Minister) for audit and the Company shall furnish a copy of the accounts so audited, together with a copy of the auditor's report thereon, to the Minister who shall cause copies thereof to be laid before each House of the Oireachtas.
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(3) (a) Where the Company furnishes a copy of accounts pursuant to subsection (2) of this section, they shall annex thereto—
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(i) a copy of the latest balance sheet of each company which is a subsidiary of the Company and a copy of the auditor's report on such balance sheet, and
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(ii) as respects each such company which is required to lay a profit and loss account before general meetings, a copy of the latest profit and loss account.
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(b) In paragraph (a) of this subsection “company which is a subsidiary of the Company” means a company of which a half or more of the ordinary share capital is owned by the Company.
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(c) In paragraph (b) of this subsection “ordinary share capital” means, in relation to a company, all the issued capital (by whatever name called) of such company, other than capital the holders whereof have a right to a dividend at a fixed rate or a rate fluctuating in accordance with the rate of income tax, but have no other right to share in the profits of the company.
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