Section 445.502. Balance sheet; profit and loss statement; audit; auditor's opinion.

(1) The financial statement required to  be  filed  by  a  franchisor refers to:

(a)  ) A balance sheet as of a date within 90 days prior to the date of the application.

(b)   A profit and loss statement for each of the 3 fiscal years preceding the date of the balance sheet and for the period, if any, between  the close of the last of the fiscal years and the date of the  balance  sheet, unless this requirement is waived or modified by the administrator.

(2)   If the balance sheet referred to in subrule (1)(a) is not audited, there shall be filed, in addition, an audited balance sheet as of the end of the franchisor's last fiscal year,  unless   such  last  fiscal  year  ended within 90 days of the date of the application, in which case there shall be

filed an audited balance sheet as of  the   end  of  the   franchisor's       next preceding fiscal year.

(3)   The profit and loss statement shall be audited up to the date of the last audited balance sheet filed, if any, unless this requirement is waived or modified by the administrator.

(4)   The auditor's opinion shall be filed with the statement when an audited financial statement filing is required.

History: 1979 AC.