The Companies Act 2006 (Commencement No. 5, Transitional Provisions and Savings) Order 2007

Distributions (ss.829 to 853)

35.—(1) The relevant accounts for the purposes of Chapter 2 of Part 23 of the Companies Act 2006 (justification of distribution by reference to accounts) may be accounts for financial years beginning before 6th April 2008 (to which the provisions of the 1985 Act or 1986 Order apply).

(2) In that case the provisions of that Chapter and Chapter 3 of that Part (supplementary provisions) have effect with the following adaptations—

(a) in section 836(1)(b)(i), for “provisions of a kind specified for the purposes of this section by regulations under section 396” substitute “provisions of any of the kinds mentioned in paragraphs 88 and 89 of Schedule 4 to the Companies Act 1985 or paragraphs 87 and 88 of Schedule 4 to the Companies (Northern Ireland) Order 1986”;

(b) in section 837—

(i) in subsection (1)(a), for “section 423” substitute “section 238 of the Companies Act 1985 or Article 246 of the Companies (Northern Ireland) Order 1986”;

(ii) in subsection (1)(b), for “section 426” substitute “section 251 of the Companies Act 1985 or Article 259 of the Companies (Northern Ireland) Order 1986”;

(iii) in subsection (2), for “this Act” substitute “the Companies Act 1985 or the Companies (Northern Ireland) Order 1986”;

(iv) in subsection (4)(b)(i), for “section 423” substitute “section 238 of the Companies Act 1985 or Article 246 of the Companies (Northern Ireland) Order 1986”;

(c) in section 838—

(i) in subsection (4), for “sections 395 to 397” substitute “sections 226 to 226B of the Companies Act 1985 or Articles 234 to 234B of the Companies (Northern Ireland) Order 1986”;

(ii) in subsection (5), for “section 414” substitute “233 of the Companies Act 1985 or Article 241 of the Companies (Northern Ireland) Order 1986”;

(iii) in subsection (6), for “Part 35 of this Act” substitute “Part 24 of the Companies Act 1985 or Part 24 of the Companies (Northern Ireland) Order 1986”;

(d) in section 839—

(i) in subsection (4), for “sections 395 to 397” substitute “sections 226 to 226B of the Companies Act 1985 or Articles 234 to 234B of the Companies (Northern Ireland) Order 1986”;

(ii) in subsection (6)(b)(i), for “section 423” substitute “section 238 of the Companies Act 1985 or Article 246 of the Companies (Northern Ireland) Order 1986”;

(iii) in subsection (7), for “Part 35 of this Act” substitute “Part 24 of the Companies Act 1985 or Part 24 of the Companies (Northern Ireland) Order 1986”;

(e) in section 841(2)(a), for “provisions of a kind specified for the purposes of this paragraph by regulations under section 396” to the end substitute “provisions of any kind mentioned in paragraphs 88 and 89 of Schedule 4 to the Companies Act 1985 or paragraphs 87 and 88 of Schedule 4 to the Companies (Northern Ireland) Order 1986”;

(f) in section 844(3)(b)(i), for “the note required” to the end substitute “the note to the accounts required by paragraph 20 of Schedule 4 or paragraph 20 of Schedule 8 to the Companies Act 1985 or paragraph 20 of Schedule 4 or paragraph 20 of Schedule 8 to the Companies (Northern Ireland) Order 1986 (reasons for showing development costs as an asset)”;

(g) in section 846(2)(b), for “any provision of regulations under section 396” to the end substitute “paragraphs 12(a) and 34(3)(a) of Schedule 4 or paragraphs 12(a) or 34(3)(a) of Schedule 8 to the Companies Act 1985 or paragraphs 12(a) and 34(3)(a) of Schedule 4 or paragraphs 12(a) or 34(3)(a) of Schedule 8 to the Companies (Northern Ireland) Order 1986 (only realised profits to be included in or transferred to the profit and loss account)”.