336
CAP. 32]
Companies
[1984 Ed.
(i) as a whole with the combined assets and liabilities of its or their subsidiaries, with or without the company's assets and liabilities; or
(ii) individually with the assets and liabilities of each subsidiary;
and shall indicate as respects the profits or losses and assets and liabilities of the subsidiaries the allowance to be made for persons other than members of the company.
32. If the proceeds, or any part of the proceeds, of the issue of the shares or debentures are or is to be applied directly or indirectly in the purchase of any business, a report made by accountants (who shall be named in the prospectus) upon-
(a) the profits or losses of the business in respect of each of the 5 financial years
immediately preceding the issue of the prospectus; and
(b) the assets and liabilities of the business at the last date to which the accounts
of the business were made up.
33. (1) If-
(a) the proceeds, or any part of the proceeds, of the issue of the shares or debentures are or is to be applied directly or indirectly in any manner resulting in the acquisition by the company of shares in any other body corporate; and
(b) by reason of that acquisition or anything to be done in consequence thereof or in connexion therewith that body corporate will become a subsidiary of the company,
a report made by accountants (who shall be named in the prospectus) upon-
(i) the profits or losses of the other body corporate in respect of each of the 5
financial years immediately preceding the issue of the prospectus; and
(ii) the assets and liabilities of the other body corporate at the last date to which
the accounts of the body corporate were made up.
(2) The said report shall-
(a) indicate how the profits or losses of the other body corporate dealt with by the report would, in respect of the shares to be acquired, have concerned members of the company and what allowance would have fallen to be made, in relation to assets and liabilities so dealt with, for holders of other shares, if the company had at all material times held the shares to be acquired; and
(b) where the other body corporate has subsidiaries, deal with the profits or losses and the assets and liabilities of the body corporate and its subsidiaries in the manner provided by paragraph 31(3) in relation to the company and its subsidiaries.
34. (1) This paragraph shall apply in the case of every company whose accounts at the last date to which the accounts have been made up disclose that either a value exceeding 10 per cent of the value of the assets of the company or a value of not less than $3,000,000 is placed on the company's interests in land or buildings.
(2) A valuation report with respect to all the company's interests in land or buildings which shall include the following particulars of each property-
(a) the address;
(b) a brief description;
(c) the use at the date of the report;
(d) the nature of the tenure;
(e) a summary of the terms of any sub-leases or tenancies, including repair
obligations, granted by the company;
(f) the approximate age of buildings;
(g) the present capital value;
(h) the estimated current net rental, being the estimated average net annual income from the property accruing to the company over a long period of years (not being less than 3 years) before taking into account tax and any interest or mortgage expenses but after taking into account management and maintenance expenses.
(