Article 431 — Accounts of Holding Companies

1/ Where a company is a holding company, the accounts of its subsidiaries shall be submitted to the annual general meeting at the same time and in the same manner as its own accounts. 2/ A consolidated balance sheet and profit and loss account shall be prepared in respect of the holding company and its subsidiaries. 3/ The provisions of Sub-Article (1) of this Article may not apply where the board of directors is of opinion that the drawing up of such document: a) would be impractical or too onerous or too costly, or of little concern to the shareholders on account of the small financial interest involved; b) could prejudice the company or its subsidiaries, or that the company and its subsidiaries carry out business of such a differing nature that they may not reasonably be deemed to form a single enterprise and such opinion is approved by the Ministry of Trade and Industry or any other relevant government authority.