1. When, for the first time, consolidated accounts are drawn up in accordance with this Directive for a body of undertakings which was already connected, as described in Article 1(1), before application of the provisions referred to in Article 49(1), a Member State may require or permit that, for the purposes of Article 19(1), account be taken of the book value of a holding and the proportion of the capital and reserves that it represents as at a date before or the same as that of the first consolidation.
2. Paragraph 1 above shall apply mutatis mutandis to the valuation for the purposes of Article 33(2) of a holding, or of the proportion of capital and reserves that it represents, in the capital of an undertaking associated with an undertaking included in the consolidation, and to the proportional consolidation referred to in Article 32.
3. Where the separate item defined in Article 19(1) corresponds to a positive consolidation difference which arose before the date of the first