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 Article 445 .- At the end of each fiscal year and at least once a year on December 31, the corporations should cut their bills and produce inventory and balance sheet business. 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 ec...