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so far as those probia are dealt with, or provision is made for those losses, in the company's accounts;
(d) any qualifications contained in the report of the auditors of the subsidiaries on their accounts for their respective financial years ending as aforesaid, and any note or saving contained in those accounts to call attention to a matter which, apart from the note or saving, would properly have been referred to in such a qualification, in so far as the matter which is the subject of the qualification or pate is not covered by the company's own accounts and is material from the point of view of its members;
or, in so far as the information required by this sub-paragraph is not obtainable, a stalement that it is not obtainable:
Provided that the Financial Secretary may, on the application or with the consent of the company's directors, direct that in relation to any subsidiary this sub-paragraph shall not apply or shall apply only to such extent as may be provided by the direction.
(5) Paragraphs (b) and (c) of sub-paragraph (4) shall apply only to profits and losses of a subsidiary which may properly be treated in the holding company's accounts as revenue profits or losses, and the profits or losscs attributable to any shares in a subsidiary for the time being held by the balding company or any other of its subsidiaries shall not (for that or any other purpose) be treated as aforesaid so far as they are profits or losses for the period before the date on or as from which the shares were acquired by the company or any of its subsidiaries, except that they may in a proper case be so treated where-
(a) the company is itself the subsidiary of another body corporale;
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(8) the shares were acquired from that body corporate or a sub-
sidiary of it;
and for the purpose of determining whether any profits or losses are to be treated as profits or losses for the said period the profit or loss for any financial year of the subsidiary may, if it is not practicable to apportion it with reasonable accuracy by reference to the facts, be treated as accruing from day to day during that year and he apportioned ac- cordingly.
(6) Where group accounts are not submitted, there shall be annexed to the balance sheet a statement showing, in relation to the subsidiaries (if any) whose financial years did not end with that of the company-
(a) the reasons why the company's directors consider that the sub- sichiaries' &nancial years should not end with that of the company; and
(6) the dates on which the subsidiaries" financial years ending last before that of the company respectively caded or the earliest and latest of those dates.
19. (1) The balance sheel of a company which is a subsidiary of another body corporate, whether or not it is itself a holding company,
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shall show the aggregate amount of its indebtedness to all bodies cor- porate of which it is a subsidiary or a fellow subsidiary and the aggregate amount of indebtedness of all such bodies corporate to it, distinguishing in each case between indebtedness in respect of debentures and otherwise, and the aggregate amount of assets consisting of shares in Fellow sub- sidiaries.
(2) For the purposes of this paragraph a company shall be deemed to be a fellow subsidiary of another body corporate if both are sub- sidiaries of the same body corporate but neither is the other's subsidiary,
Consolidated Accounts of Holding Company and Subsidiaries
20. Subject to the following paragraphs of this Part, the consolidated balance sheet and profit and loss account shall combine the information contained in the separate balance sheets and profit and loss accounts of the bolding company and of the subsidiaries dealt with by the consolidated accounts, but with such adjustments (if any) as the directors of the hold- ing company think necessary.
21. Subject as aforesaid and to Part III, the consolidated accounts shall, in giving the said information, comply so far as practicable, with the requirements of this Ordinanco as if they were the accounts of au actual company,
22. Sections 161 and 1618 sball not, by virtue of paragraphs 20 and 21, apply for the purpose of the consolidated accounts.
23. Paragraph 7 shall not apply for the purpose of any consolidated accounts laid before a company with the first balance sheet so laid after 1st October 1975,
24. In relation to any subsidiaries of the holding company not dealt with by the consolidated accounts—
(a) sub-paragraphs (2) and (3) of paragraph 18 shall apply for the purpose of those accounts as if those accounts were the accounts of an actual company of which they were subsidiaries; and
(6) there shall be annexed the like statement as is required by sub- paragraph (4) of paragraph 18 where there are no group accounts, but as if references therein to the holding company's accounts were references to the consolidated accounts.
25. In relation to any subsidiaries (whether or not dealt with by the consolidated accounts), whose financial years did not end with that of the company, there shall be annexed the like statement as is required by sub- paragraph (6) of paragraph 18 where there are no group accounts.
PART III
EXCEPTIONS FOR SPECIAL Classes of Company
26. (1) A banking company shall not be subject to the requirements of Part I other than-