Section 132: Obligation to prepare financial statements

132. Obligation to prepare financial statements (1) (a) The Chief Executive of every local authority, other than a Village Council, shall, within 3 months after the end of the financial year, submit to the Council financial statements that comply with section 133. (b) After approval, the financial statements shall be dated and signed on behalf of the Council by the Lord Mayor, Mayor or Chairperson, and the Chief Executive. (2) (a) Subject to paragraphs (b) and (c), a local authority shall have a balance sheet date in each calendar year. (b) A local authority may not have a balance sheet date in the calendar year in which it is established where its first balance sheet date is in the following calendar year and is not later than 18 months after the date of its establishment. (c) Where a local authority changes its balance sheet date, the period between any 2 balance sheet dates shall not exceed 18 months. continued on page L18 – 77 L18 – 76 (3) [Issue 9] Revised Laws of Mauritius