(1) Subject to subsections (6) and (8), where the latest statutory financial statements of any of the companies involved in the division relate to a financial year ended more than 6 months before the date of the common draft terms of division then that company shall prepare a division financial statement in accordance with the provisions of this section.
(2) The division financial statement shall be drawn up -
(a) in the format of the last annual balance sheet, if any, of the company and in accordance with the provisions of Part 6; and
(b) as at a date not earlier than the first day of the third month preceding the date of the common draft terms of division.
(3) Valuations shown in the last annual balance sheet, if any, shall, subject to the exceptions provided for under subsection (4), only be altered to reflect entries in the accounting records of the company.
(4) Notwithstanding subsection (3), the following shall be taken into account in preparing the division financial statement -
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