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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 147

Financial year of holding company and subsidiary.

147.(1) A holding company's directors shall secure that except where in their
opinion there are good reasons against it, the financial year of each of its
subsidiaries shall coincide with the company's own financial year.

[(2) Where it appears to the Ministry desirable for a holding company or a
holding company's subsidiary to extend its financial year so that the
subsidiary's financial year may end with that of the holding company, and for
that purpose to postpone the submission of the relevant accounts to a general
meeting from one calendar year to the next, the Ministry may on the
application or with the consent of the directors of the company whose
financial year is to be extended direct that, in the case of that company, the
submission of accounts to a general meeting, the holding of an annual general
meeting or the making of an annual return shall not be required in the earlier
of the said calendar years.]

© 1960 Crown Copyright

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