(1) Where -

(a) the latest statutory financial statements of any of the merging companies relate to a financial year ended more than 6 months before the date of the common draft terms of merger, and

(b) the Summary Approval Procedure is not being employed to effect the merger,

then, subject to subsection (6), if that company is availing itself of the exemption from the requirement to hold a general meeting provided by section 473(6), that company shall prepare a merger financial statement in accordance with the provisions of this section.

(2) The merger 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 merger.