COMPANIES ACT 1963 – SECT 154 Right of member of private company to get balance sheet of subsidiary.
154.—(1) Notwithstanding section 150, a private company which is a holding company need not prepare group accounts but if it does not do so the subsequent provisions of this section shall apply.
(2) Any member of the company shall be entitled to be furnished without charge within 14 days after he has made a request in that behalf to the company with a copy of the latest balance sheet of each of its subsidiaries which has been sent to the members of that subsidiary together with a copy of every document required by law to be annexed thereto and a copy of the directors’ and auditors’ reports.
(3) Without prejudice to subsection (2), any member of the company shall be entitled to be furnished within 14 days after he has made a request in that behalf to the company with a copy of any balance sheet (including every document required by law to be annexed thereto and a copy of the directors’ and auditors’ reports) of any subsidiary of the company laid before any annual general meeting of such subsidiary held since the operative date, at a charge not exceeding 2 shillings for each balance sheet so furnished so, however, that a member shall not be entitled to be furnished with a copy of any balance sheet laid before an annual general meeting held more than 10 years before the date on which such request is made.
(4) Copies of balance sheets need not be sent to any member of a private company if, on the application either of the company or of any person who claims to be aggrieved, the court is satisfied that the rights conferred by this section are being abused, and the court way order the company’s costs on an application under this subsection to be paid in whole or in part by the member who has made the request for such copies.
(5) Subject to subsection (4), if any copy required under this section is not sent within the proper time, the company and every officer of the company who is in default shall be liable, in respect of each offence, to a fine not exceeding £100 unless it is proved that the member has already made a demand for and been furnished with a copy.
(6) In the case of any default under this section, the court may direct that the copies required shall be sent to the member requiring them.