1.Until the entry into force of a Council Directive on consolidated accounts, and without prejudice to the provisions of Directives 68/151/EEC and 77/91/EEC, the Member States need not apply to the dependent companies of any group governed by their national laws the provisions of this Directive concerning the content, auditing and publication of the annual accounts of such dependent companies where the following conditions are fulfilled: (a) the dominant company must be subject to the laws of a Member State; (b) all shareholders or members of the dependent company must have declared their agreement to the exemption from such obligation ; this declaration must be made in respect of every financial year; (c) the dominant company must have declared that it guarantees the commitments entered into by the dependent company; (d) the declarations referred to in (b) and (c) must be published by the dependent company in accordance with the first subparagraph of Article 47 (1); (e) the annual accounts of the dependent company must be consolidated in the group's annual accounts; (1)OJ No L 327, 19.12.1975, p. 4. (f) the exemption concerning the preparation, auditing and publication of the annual accounts of the dependent company must be disclosed in the notes on the group's annual accounts.
2.Articles 47 and 51 shall apply to the group's annual accounts.
3.Articles 2 to 46 shall apply as far as possible to the group's annual accounts.