Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p70
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 172316–175060

the company was an exempt proprietary company, sub-section (1) or (2), as the case requires, applies in relation to that company in relation to that financial year as if paragraphs (b), (c), (d) and (e) of that sub-section were omitted.
     "(13) The directors of a public company are not required to comply with the requirements of sub-section (3a) in relation to a financial year of the company if, at the end of that financial year, the company was a wholly-owned subsidiary of a company or recognized company.
     "(14) This section, as amended and in force at any time after the commencement of section 81 of the Companies and Securities Legislation (Miscellaneous Amendments) Act 1983, applies—
          (a) in relation to a company that is not a holding company—in relation to the first financial year of the company that commences after that commencement and in relation to subsequent financial years of that company; and
          (b) in relation to a company that is a holding company—
              (i) in relation to the first financial year of the company that commences after that commencement and the financial year of each corporation that is a subsidiary of the company that ended during, or at the end of, that financial year of the company; and
              (ii) in relation to subsequent financial years of the company and of each corporation that is a subsidiary of the company.".

82. Section 272 of the Principal Act is repealed and the following section is substituted:

Directors of holding company to obtain all necessary information
"272. (1) Subject to sub-section (3), the directors of a holding company shall not cause to be made out the group accounts referred to in sub-section 269 (3), the statement referred to in sub-section 269 (10) or the report referred to in sub-section 270 (2) unless they have available to them sufficient information, in relation to each subsidiary, to enable them to ensure—
     (a) that the group accounts will give a true and fair view of—
          (i) the profit or loss of the holding company and its subsidiaries for their respective last financial years; and
          (ii) the state of affairs of the holding company and its subsidiaries as at the end of their respective last financial years,
     so far as they concern members of the holding company; and
     (b) that neither the statement nor the report will be false or misleading in a material particular.
"(2) The directors of a subsidiary shall, at the request of the directors of the holding company, supply to the holding company all the information that is required by the directors of the holding company for the preparation of the group accounts, the statement and the report referred to in sub-section (1).