(1)Save as provided by sub-section (2) the balance-sheet shall,—(i)in the case of a banking company, be signed by the manager (if any) and, where there are more than three directors of the company, by at least three of those directors and, where there are not more than three directors, by all the directors;(ii)in the case of any other company, be signed by two directors or, when there are less than two directors, by the sole director and by the manager (if any) of the company.(2)When the total number of directors of the company for the time being in British India is less than the number of directors whose signatures are required by sub-section (1), then the balance-sheet shall be signed by all the directors for the time being in British India, or, if there is only one director for the time being in British India, by such director, but in such a case there shall be subjoined to the balance-sheet a statement signed by such directors or director explaining the reason for noncompliance with the provisions of subsection (1).(3)If any copy of a balance-sheet which has not been signed as required by this section is issued, circulated or published, the company and every officer of the company who is knowingly a party to the default shall be punishable with fine which may " extend to five hundred rupees.
