9.—(1) The following information shall be given with respect to the undertakings which are subsidiary undertakings of the society at the end of the financial year.
(2) The name of each undertaking shall be stated.
(3) There shall be stated—
(a)if the undertaking is incorporated outside the United Kingdom, the country in which it is incorporated,
(b)if it is unincorporated, the address of its principal place of business.
(4) It shall be stated whether the subsidiary undertaking is included in the consolidation and, if it is not, the reason for excluding it from consolidation shall be given.
(5) It shall be stated with respect to each subsidiary undertaking by virtue of which of the conditions specified in section 258(2) of the Companies Act 1985(1) it is a subsidiary undertaking of the parent society.
(6) That information need not be given if the relevant condition is that specified in subsection (2)(a) of that section and the immediate parent society holds the same proportion of the shares in the undertaking as it holds voting rights.
10.—(1) The following information shall be given with respect to the shares of a subsidiary undertaking held—
(a)by the society, and
(b)by the group,
and the information under sub-paragraphs (a) and (b) shall (if different) be shown separately.
(2) There shall be stated—
(a)the identity of each class of shares held, and
(b)the proportion of the nominal value of the shares of that class represented by those shares.
11.—(1) There shall be shown with respect to each subsidiary undertaking not included in the consolidation—
(a)the aggregate amount of its capital and reserves as at the end of its relevant financial year, and
(b)its profit or loss for that year.
(2) The information referred to in sub-paragraph (1) need not be given if the group’s investment in the subsidiary undertaking is included in the accounts by way of the equity method of valuation or if—
(a)the subsidiary undertaking is not required by and provision of the Companies Act 1985 or the Companies (Northern Ireland) Order 1986 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 holding of the group is less than 50 per cent. of the nominal value of the shares in the subsidiary undertaking.
(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 subsidiary undertakings as a whole, of the matters set out in subsections (2), (3) and (4) of section 73 of the Act.
(4) For the purpose of this paragraph the “relevant financial year” of a subsidiary undertaking is—
(a)if its financial year ends with that of the society, that year, and
(b)if not, its financial year ending last before the end of the society’s financial year.
12.—(1) The following information shall be given where an undertaking included in the consolidation has an interest in an associated undertaking.
(2) The name of the associated undertaking shall be stated.
(3) There shall be stated—
(a)if the undertaking is incorporated outside the United Kingdom, the country in which it is incorporated;
(b)if it is unincorporated, the address of its principal place of business.
(4) The following information shall be given with respect to the shares of the undertaking held—
(a)by the society, and
(b)by the group,
and the information under sub-paragraphs (a) and (b) shall be given separately.
(5) There shall be stated—
(a)the identity of each class of shares held, and
(b)the proportion of the nominal value of the shares of that class represented by those shares.
(6) The information required by this paragraph shall be given notwithstanding that regulation 4(12) applies in relation to the accounts themselves.
13.—(1) The information required by paragraphs 14 and 15 shall be given where at the end of the financial year the society has a significant holding in an undertaking which is not one of its subsidiary undertakings and does not fall within paragraph 12 (associated undertakings).
(2) A holding is significant for this purpose if—
(a)it amounts to 20 per cent. or more of the nominal value of the shares in the undertaking; or
(b)the amount of the holding (as stated or included in the society’s individual accounts) exceeds one-fifth of the amount of its assets (as so stated).
14.—(1) The name of the undertaking shall be stated.
(2) There shall be stated—
(a)if the undertaking is incorporated outside the United Kingdom, the country in which it is incorporated;
(b)if it is unincorporated, the address of its principal place of business.
(3) The following information shall be given with respect to the shares of the undertaking held by the society.
(4) There shall be stated—
(a)the identity of each class of shares held, and
(b)the proportion of the nominal value of the shares of that class represented by those shares.
15.—(1) There shall also be stated—
(a)the aggregate amount of the capital and reserves of the undertaking 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 an undertaking if—
(a)the undertaking is not required by any provision of the Companies Act 1985 or the Companies (Northern Ireland) Order 1986 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 undertaking.
(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 subsidiary undertakings as a whole, of the matters set out in subsections (2), (3) and (4) of section 73 of the Act.
(4) For the purposes of this paragraph the “relevant financial year” of an undertaking 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.
16.—(1) The information required by paragraphs 17 and 18 shall be given where at the end of the financial year the group has a significant holding in an undertaking which is not a subsidiary undertaking of the society and does not fall within paragraph 12 (associated undertakings).
(2) A holding is significant for this purpose if—
(a)it amounts to 20 per cent. or more of the nominal value of the shares in the undertaking, or
(b)the amount of the holding (as stated or included in the group accounts) exceeds one-fifth of the amount of the group’s assets (as so stated).
17.—(1) The name of the undertaking shall be stated.
(2) There shall be stated—
(a)if the undertaking is incorporated outside the United Kingdom, the country in which it is incorporated;
(b)if it is unincorporated, the address of its principal place of business.
(3) The following information shall be given with respect to the shares of the undertaking held by the group.
(4) There shall be stated—
(a)the identity of each class of shares held, and
(b)the proportion of the nominal value of the shares of that class represented by those shares.
18.—(1) There shall also be stated—
(a)the aggregate amount of the capital and reserves of the undertaking as at the end of its relevant financial year, and
(b)its profit or loss for that year.
(2) That information need not be given if—
(a)the undertaking is not required by any provision of the Companies Act 1985 or the Companies (Northern Ireland) Order 1986 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 holding of the group is less than 50 per cent. of the nominal value of the shares in the undertaking.
(3) Information otherwise required by this paragraph need not be given if its is not material for the purpose of giving a true and fair view for the society and its subsidiary undertakings as a whole, of the matters set out in subsections (2), (3) and (4) of section 73 of the Act.
(4) For the purpose of this paragraph the “relevant financial year” of an undertaking is—
(a)if its financial year ends with that of the society, that year, and
(b)if not, its financial year ending last before the end of the society’s financial year.
19.—(1) References in this Part of this Schedule to shares held by the society or the group shall be construed as follows.
(2) For the purposes of paragraphs 10, 12(4) and (5) and 13 to 15—
(a)there shall be attributed to the society shares held on its behalf by any person; but
(b)there shall be treated as not held by the society shares held on behalf of a person other than the society.
(3) References to shares held by the group are to any shares held by or on behalf of the society or any of its subsidiary undertakings; but there shall be treated as not held by the group any shares held on behalf of a person other than the society or any of its subsidiary undertakings.
(4) Shares held by way of security shall be treated as held by the person providing the security—
(a)where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in accordance with his instructions, and
(b)where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of security, or of realising it, the rights attached to the shares are exercisable only in his interests.
1985 c. 6; section 258 was inserted by sections 1 and 21 of the Companies Act 1989 (c. 40). The definition of “subsidiary undertaking” in section 258 is applied to building societies by section 119(1) of the Building Societies Act 1986 as amended by S.I. 1991/1729.