Paragraph 17

If the proceeds of the issue of the shares or debentures are to be applied directly or indirectly in the purchase of any business, or any part of the proceeds of the issue is to be so applied, there shall be set out in the prospectus a report made by accountants upon—

(a)

the profits or losses of the business in respect of each of the 5 financial years immediately preceding the issue of the prospectus, and

(b)

the assets and liabilities of the business at the last date to which the accounts of the business were made up.

Notes on Schedule 3

Textual amendments

F1: Schs. 1-15B repealed (prosp.) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16 and the repeal being partly in force, as to which see individual provisions

Modifications

C1: Sch. 3 applied with modifications by S.I. 1985/680, regs. 4–6, Sch.
C2: Sch. 3 modified by S.I. 1991/823, reg. 2(1), Sch.1