Colombian Commercial Code - Decree 410 of 1971 - Book II - Of Corporations - Title VI - Company - Chapter IV - Results and Dividends - Section I - Section I - Balance End of Exercise and Attachment - From: Article 445 When: Article 450
COLOMBIAN COMMERCIAL CODE
CHAPTER IV
Balances and dividends
Section I
Balance sheets at year end and annexes
The balance shall be in accordance with legal provisions and established accounting standards.
Article 446 .-
The board of directors and legal representative shall submit to the
Assembly for approval or disapproval, the balance of each exercise,
accompanied by the following documents:
1.
Full details of the income and earnings for the fiscal year, specifying
the appropriations made for depreciation of fixed assets and
amortization of intangibles;
2.
A proposed distribution of distributable earnings by the deduction of
the amount calculated for payment of income tax and the corresponding
supplemental taxable year;
3.
The report of the board on economic and financial situation of the
company, which also contain the relevant accounting and statistical
data, which are listed below:
a)
Details of the expenses for salaries, fees, travel expenses, bonuses,
cash and in-kind expenditures for transportation and any other kind of
remuneration he received each of the directors of the company;
b)
Expenditures for the same items indicated in the preceding paragraph,
which may have been done for consultants and managers involved or to
society through employment contract, when performing the main function
consists transact business with public or private entities, or advise or
prepare studies to advance such proceedings;
c)
Cash transfers and other property without charge or any other that can
be assimilated to it, made for individuals or corporations;
d) The cost of advertising and public relations, discriminated against each other;
e) The money or other property that the company holds abroad and foreign currency obligations, and
f) The investments of the company discriminated against in other companies, domestic or foreign;
4. A legal representative's written report on how any management undertaken, and actions recommended to the assembly, and
5. The written report of the auditor.
Article 447 .-
The documents referred to in the preceding article, along with books
and other vouchers required by law, shall be made available to
shareholders at the offices of the administration, during the fifteen
days preceding the meeting of the assembly.
Managers
and line managers and the auditor that they did not comply with the
provisions of this article shall be punished with fines by the
superintendent successive (ten thousand to fifty thousand pesos) * for
each of the offenders.
* Modified. Act 222 of 1995.
Article 86 .- Other functions. In addition, the Superintendency of Corporations shall have the following functions:
...
3. Sanctions or fines, successive or not, up to two hundred
minimum monthly wages, whatever the case, those who breach their orders,
law or statute.
Article 448 .- Repealed. Act 222 of 1995, Section 242.
Article 449 .- Repealed. Act 222 of 1995, Section 41.
Article 450 .- At the end of each fiscal year the state will produce income.
To
determine the final results of the operations in the respective year
will need to have appropriate purification in accordance with the laws
and accounting standards, the items necessary to meet the depreciated,
devaluation and guarantee of social equity.
Inventories are calculated in accordance with the methods allowed by tax law.
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