Prospective
Other significant holdings of society or groupU.K.
16.—(1) Where the society has a significant holding in a body corporate amounting to 20 per cent. or more of the nominal value of the shares in the body corporate there must also be stated:
(a)the aggregate amount of the capital and reserves of the body corporate as at the end of its relevant financial year; and
(b)its profits or loss for that year.
(2) That information need not be given in respect of a body corporate if:
(a)the body corporate is not required by any provision of the Companies Act 1985(1) or the Companies (Northern Ireland) Order 1986(2) to deliver a copy of its balance sheet for its relevant financial year and does not otherwise publish that balance sheet in the United Kingdom or elsewhere; and
(b)the society’s holding is less than 50 per cent. of the nominal value of the shares in the body corporate.
(3) Information otherwise required by this paragraph need not be given if it is not material for the purpose of giving a true and fair view for the society and its subsidiaries as a whole, of the matters set out in subsections (2) and (3) of section 70 of the Act.
(4) For the purposes of this paragraph the “relevant financial year” of a body corporate is:
(a)if its financial year ends on the same date as that of the society, that year; and
(b)if not, its financial year ending last before the end of the society’s financial year.
Commencement Information
I1Sch. 5 para. 16 in force at 1.9.1994, see reg. 1