Auditing

THE METROPOLIS WATER ACT 1871.

34 and 35 Vict. c. 113.

Accounts, etc.

37.-Every company shall, on or before the thirty-first day of July in each year, fill up and forward to the Board of Trade, and to the town clerk of the City of London, and to the Metropolitan Board of Works, and to the vestry clerk of each parish within which water is supplied by each company respectively not within the City of London, a statement of accounts, made up to the end of their financial year then last past, in such form and containing such particulars as may from time to time be prescribed by the Board of Trade.

Each company shall keep copies of such statement at their office for one year after the date thereof, and sell the same to any applicant at a price not exceeding one shilling for each such copy.

In case any company make default in complying with any of the provisions of this section, they shall be liable to a penalty not exceeding ten pounds for each day during which such default continues.

Auditor of Accounts.

38.-There shall be an auditor of the accounts of the companies, being a competent and impartial person, from time to time appointed by and removable by the Board of Trade.

There shall be paid to such auditor such remuneration by the companies and in such proportions as such Board appoints.

Ascertainment of capital of companies.

39. The auditor shall, with all practicable speed after the passing of this Act, investigate the accounts of the companies, and ascertain and certify the amounts of their capitals, distinguishing share from loan capital, and shall ascertain and certify the capital of each company, and shall from time to time, as new capital shall be expended, in like manner ascertain and certify the amount of such new capital that has been bond fide expended for the purposes of the undertaking. Notwithstanding anything in this Act, the auditor shall not investigate the accounts of any company antecedent to the date mentioned in that behalf in relation to such company in the Schedule C to this Act annexed.

Periodical audit of accounts.

40.-The auditor shall once in every half-year audit the accounts of the companies.

If he finds the accounts correct he shall certify the same, but if in any instance he finds the accounts of any company incorrect in principle or in detail, he shall require such company to correct such accounts in such manner as he thinks right, and no future dividend shall in any case be declared by any company until their accounts are certified by the auditor; provided that the suspension of a dividend under this section shall not operate until after the expiration of nine months from the date of the audit.

Facilities for auditor.

41.-Each company shall, during, as well as subsequent to the close of, that half-year to which the accounts relate, give to the auditor, his clerks and assistants, access to the books and documents of such company, and shall, when required, furnish to him and them all vouchers and information requisite for the purposes of the audit, and shall afford to him and them all facilities for the proper execution of his and their duty; and any company making default in complying with any of the provisions of this section shall, for every such default, be liable to a penalty not exceeding ten pounds.

Arbitration between auditor and company.

42. If any company think themselves aggrieved by any act or determination of the auditor, the matter in difference shall be referred to the determination of an arbitrator agreed on between such company and the auditor, or, in default of agreement, appointed, on the application of either party, by the Lord Chief Justice of the Court of Common Pleas; and the reference shall be subject and according to the provisions of the Common Law Procedure Act 1854; and the decision of the arbitrator shall be final and conclusive; and, subject to this provision, such company shall observe and abide by the directions and determinations of the auditor.

ELECTRIC LIGHTING ACCOUNTS.

No. I.

ELECTRIC LIGHTING ACTS 1882 TO 1890.

Form of Accounts prescribed by the Board of Trade for an Electric Lighting Company.
ELECTRIC LIGHTING ORDER (LICENCE).