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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XI: Accounting and Disclosure

Accounting by Holding Companies

288. Obligation to lay group statements before annual general meeting

 

 

1) Where at the end of its financial year a company, which is not a wholly owned subsidiary of another company incorporated in the Republic (including an external company which is a subsidiary of a company incorporated in the Republic), has subsidiaries, group annual financial statements shall be made out and shall be laid before the annual general meeting of the company before which its own annual financial statements are so laid under section 286(1).

 

2) [Subsection (2) deleted by the Corporate Laws Amendment Act No. 24 of 2006]

 

3)
a) Any director or officer of a company who fails to take all reasonable steps to comply or to secure compliance with the provisions of this section or with any other requirements of this Act as to matters to be stated in group financial statements, shall be guilty of an offence.
b) In any proceedings against any director or officer of a company under paragraph (a), the defence referred to in section 284(4)(b) shall be available to him.