National Stud Act, 1945

Obligation to furnish balance sheets, etc.

25.—(1) The Company shall within ninety days after the end of every accounting year furnish to the Minister for Agriculture—

(a) a balance sheet for such accounting year duly audited by the auditor of the Company;

(b) a profit and loss account for such accounting year similarly audited; and

(c) a report of its proceedings during such accounting year.

(2) The balance sheet and profit and loss account to be furnished as aforesaid shall be drawn up in such manner as the Minister for Agriculture, after consultation with the Minister for Finance, may direct, and such balance sheet shall contain (in addition to any matter required by such direction) a summary of the capital, assets and liabilities of the Company together with such particulars as will disclose the nature of such assets and liabilities and the manner in which the value of the assets was arrived at.

(3) The Company shall on demand furnish to the Minister for Agriculture such explanations as the said Minister shall think fit and proper to require in respect of any balance sheet, profit and loss account or report furnished pursuant to this section.

(4) A copy of every balance sheet, profit and loss account and report furnished to the Minister for Agriculture pursuant to this section shall be laid by him before each House of the Oireachtas as soon as may be after such balance sheet, profit and loss account and report are so furnished to him.

(5) The Company shall furnish to the Minister for Agriculture such information, in relation to the policy, activities and decisions of the Company, as the said Minister may from time to time require.

(6) If the Company makes default in complying with any of the provisions of this section, the Company, and every director, manager and other officer of the Company, who, knowingly and wilfully authorised or permitted such default, shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding five pounds for every day during which the default continues.

(7) An offence under this section may be prosecuted by or at the suit of the Minister for Agriculture as prosecutor.