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PREFACE TO SECOND EDITION
The first edition of this book, published in September 1923, was substantially a reprint of a paper read by me before the London members of the Institute of Chartered Accountants on 12th December 1922.
At that date there were no special statutory provisions dealing with Holding Companies, these concerns being governed by the same regulations as other joint-stock companies.
This condition of affairs has now been altered by the enactment of the Companies Act, 1928, the provisions of which have been incorporated in the consolidating Act known as the Companies Act, 1929. This enactment recognises the special place occupied by Holding Companies in the financial structure of undertakings in this country and prescribes certain rules for the presentation of their accounts which render necessary some revision of the original text of this book.
The new provisions in the Companies Act, 1929, so far as they particularly affect Holding Companies, are set out in detail in Chapter I and are commented upon in some detail in later chapters. Such modifications in the original text as the new legislation renders necessary have also been made.
In addition, the opportunity has been taken of amplifying some portions of the original work so as to bring it up to date. A new chapter dealing with the organisation of direction and management of a holding company and also an index have been added.
As in the first edition, Appendix II has been devoted to the presentation of a number of examples of accounts actually furnished to members of companies. In the case of the British companies the examples show the effect of the new legislation. They are printed (without any comment) by the kind permission of the respective companies.