20Valuation of shares

20 Valuation of shares

S. 20(1) amended by No. 33/2013 s. 13.

(1) Whenever by any provision of this Act the value of any shares in a Trust is required to be fixed by the auditor, the auditor shall fix the value of the shares in relation to the equity value of the Trust at the date of the last published balance-sheet (as disclosed by the balance-sheet and the statement concerning the estimated current value of the assets in the annexed report of the committee of management), with such adjustments thereto (if any) as in the auditor's opinion are necessary to arrive at a fair and reasonable equity value for the shares at the date of the valuation having regard to—

(a) any material change in the current market value of the assets since the date of the last published balance-sheet;

(b) any dividends paid or to be paid to members since the said date;

(c) the estimated profit or loss of the Trust for the current financial year; and

S. 20(1)(d) amended by No. 33/2013 s. 13.

(d) any other matter which in the auditor's opinion materially affects the equity value of the Trust.

(2) In this section equity value in relation to a Trust, means the sum remaining after deducting from the total value of all assets of the Trust the amount of all liabilities claims and debts to which the Trust is subject or which it owes.