Company Law Review Act 1998 (61 of 1998)

Schedule 2   Consequential amendment of the Corporations Law

Part 4   Financial reports and audit (new Chapter 2M)

336   Subsections 1058(14) and (15)

Repeal the subsections, substitute:

(14) The provisions of Chapter 2M (other than subsections 300(4) to (13)) apply, with any necessary modifications, to every profit and loss statement and balance sheet made out and lodged under subsection (6) of this section by directors of the borrowing corporation as if:

(a) the profit and loss statement and balance sheet were a profit and loss statement and balance sheet referred to in those provisions; and

(b) references in those provisions to consolidated financial statements were references to the consolidated financial statements referred to in subsection (6) of this section.

(15) The provisions of Chapter 2M (other than subsections 300(4) to (13) and except so far as they relate to consolidated financial statements) apply, with any necessary modifications, to every profit and loss statement and balance sheet made out and lodged under subsection (5) of this section by the directors of a relevant guarantor body as if the profit and loss statement and balance sheet were a profit and loss statement and balance sheet referred to in those provisions.