105 (1) A company, in this section referred to as “the holding company”, may include in the financial statement to be submitted at an annual meeting the assets and liabilities and income and expense of any one or more of its subsidiaries, making due provision for minority interests, if any, and indicating in such financial statement that it is presented in consolidated form. R.S.O. 1990, c. C.38, s. 105 (1). Idem (2) Where the assets and liabilities and income and expense of any one or more subsidiaries of the holding company are not so included in the financial statement of the holding company, (a)  the financial statement of the holding company shall include a statement setting forth, (i)  the reason why the assets and liabilities and income and expense of such subsidiary or subsidiaries are not included in the financial statement of the holding company, (ii)  if there is only one such subsidiary, the amount of the holding company’s proportion of the profit or loss of such subsidiary for the financial period coinciding with or ending in the financial period of the holding company, or, if there is more than one such subsidiary, the amount of the holding company’s proportion of the aggregate profits less losses, or losses less profits, of all such subsidiaries for the respective financial periods coinciding with or ending in the financial period of the holding company, (iii)  the amount included as income from such subsidiary or subsidiaries in the statement of profit and loss of the holding company and the amount included therein as a provision for the loss or losses of such subsidiary or subsidiaries, (iv)  if there is only one such subsidiary, the amount of the holding company’s proportion of the undistributed profits of such subsidiary earned since the acquisition of the shares of such subsidiary by the holding company to the extent that such amount has not been taken into the accounts of the holding company, or, if there is more than one such subsidiary, the amount of the holding company’s proportion of the aggregate undistributed profits of all such subsidiaries earned since the acquisition of their shares by the holding company less its proportion of the losses, if any, suffered by any such subsidiary since the acquisition of its shares to the extent that such amount has not been taken into the accounts of the holding company, (v)  any qualifications contained in the report of the auditor of any such subsidiary on its financial statement for the financial period ending as aforesaid, and any note or reference contained in that financial statement to call attention to a matter that, apart from the note or reference, would properly have been referred to in such a qualification, in so far as the matter that is the subject of the qualification or note is not provided for by the company’s own financial statement and is material from the point of view of its shareholders; (b)  if for any reason the directors of the holding company are unable to obtain such information as is necessary for the preparation of the statement that is to be included in the financial statement of the holding company, the directors who sign the financial statement shall so report in writing and their report shall be included in the financial statement in lieu of the statement; (c)  true copies of the latest financial statement of such subsidiary or subsidiaries shall be kept on hand by the holding company at its head office and shall be open to inspection by the shareholders of the holding company on request during the normal business hours of the holding company, but the directors of the holding company may by resolution refuse the right of such inspection if such inspection is not in the public interest or would prejudice the holding company or such subsidiary or subsidiaries, which resolution may, on the application of any such shareholder to the court, be set aside by the court; (d)  if, in the opinion of the auditor of the holding company, adequate provision has not been made in the financial statement of the holding company for the holding company’s proportion, (i)  where there is only one such subsidiary, of the loss of such subsidiary suffered since acquisition of its shares by the holding company, or (ii)  where there is more than one such subsidiary, of the aggregate losses suffered by such subsidiaries since acquisition of their shares by the holding company in excess of its proportion of the undistributed profits, if any, earned by any of such subsidiaries since such acquisition, the auditor shall state in the auditor’s report the additional amount that in the auditor’s opinion is necessary to make full provision therefor. R.S.O. 1990, c. C.38, s. 105 (2). Inspection by remote means (3) A holding company may, but is not required to, permit a shareholder of the holding company to inspect the financial statements referred to in clause (2) (c) remotely at any time by means of any technology. 2023, c. 9, Sched. 9, s. 7. Section Amendments with date in force (d/m/y) 2023, c. 9, Sched. 9, s. 7 - 01/10/2023