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Statutes of Newfoundland 1992




(Assented to December 23, 1992)


1. S.8 R&S
Financial statements and report

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

RSN 1990 cF-5

1. Section 8 of the Farm Products Corporation Act is repealed and the following is substituted:

Financial statements and report

8. (1) The corporation shall prepare and submit annually to the minister

(a) financial statements setting out the assets and liabilities of the corporation as of the end of the immediately preceding financial year; and

(b) a report of the operations of the corporation for the immediately preceding financial year.

(2) The financial statements and report submitted together under subsection (1) shall be laid before the Legislature within 15 days after they are submitted to the minister if the Legislature is sitting and if not, within 15 days after the commencement of the next session.

(3) The financial statements under subsection (1) shall

(a) be signed by 2 directors;

(b) be audited by a firm of auditors which the corporation shall appoint; and

(c) have attached the auditor's report completed under paragraph (1)(b).

(4) The auditor's report completed under subsection (3) shall state whether the financial statements fairly present the financial position of the corporation and the results of its operations for the period under review and whether those statements were prepared in accordance with generally accepted accounting principles.

(5) The remuneration of the auditors referred to in subsection (3) shall be fixed annually by the corporation and paid by the corporation out of its funds.

(6) The Lieutenant-Governor in Council may by order, designate or appoint another auditor to carry out a specific audit of the corporation's accounts and business that the Lieutenant-Governor in Council specifies in the order and the auditor general may conduct additional examinations and investigation of the records and operations of the corporation that the auditor general considers necessary.

(7) For the purpose of an audit, examination or investigation under subsection (6), the auditor or the auditor general may call for and have provided by the corporation or the auditor acting under subsection (3), all books, vouchers, records, schedules, working papers and other documentation relating to the corporation which are considered necessary.

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