Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p71
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 174816–177683

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).
"(3) Where the directors of a holding company, having taken all such steps as are reasonably available to them, are unable to obtain from the directors of a subsidiary the information 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) within the period within which those accounts, that statement and that report are respectively required, by the provisions referred to in that sub-section, to be prepared—
     (a) the directors of the holding company shall cause to be made out those group accounts, that statement and that report without incorporating in, or including with, those group accounts, or incorporating in that statement or report, as the case requires, the information relating to the subsidiary, but—
          (i) they shall include in those group accounts, that statement or that report, as the case requires, a description of the nature of the information that has not been obtained, and shall include in those group accounts, that statement and that report such qualifications and explanations as are necessary to prevent those group accounts, that statement and that report from being misleading; and
          (ii) they may qualify accordingly that part of that statement that is made in pursuance of paragraph 269 (10) (a); and
     (b) where the directors of the holding company have caused to be made out those group accounts, that statement and that report in accordance

      with paragraph (a), they shall, within one month after receiving any of that information from the directors of the subsidiary—
          (i) lodge with the Commission a statement setting out or summarizing the information and containing such qualifications and explanations, by the directors of the holding company, of those group accounts, that statement or that report as are necessary having regard to the information received from the directors of the subsidiary; and
          (ii) send, to each shareholder, a copy of the statement required by sub-paragraph (i) to be lodged with the Commission.".

Failure to comply with this Division
83. Section 276 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "the succeeding provisions of; and
     (b) by inserting after sub-section (2) the following sub-section:
     "(2a) In any proceedings against a person for failure to take all reasonable steps to comply with, or to secure compliance with, or for having knowingly been the cause of any default under, any of the preceding provisions of this Division (including any of those provisions