Companies Act, 1963

Financial year of holding company and subsidiary.

153.—(1) A holding company's directors shall secure that except where 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 Minister 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 an annual general meeting from one calendar year to the next, the Minister 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 an annual 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.

(3) If any person being a director of a company fails to take all reasonable steps to secure compliance by the company with the provisions of this section, he shall in respect of each offence be liable on summary conviction to a fine not exceeding £50.

(4) No proceedings shall be instituted under this section except by, or with the consent of, the Minister.

(5) This section shall not apply to a private company which is a holding company and which takes advantage of subsection (1) of section 154.