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7.—(1) A company (including any body corporate to which Part VIII of the 1986 Order is applied by any statutory provision) may, with respect to a financial year of the company commencing before 23rd December 1994, prepare such annual accounts as it would have been required to prepare had the modifications to the 1986 Order effected by these Regulations not been made.
(2) The modifications effected by regulations 2 to 5 shall, where a company prepares accounts under paragraph (1), be treated (as regards that company) as not having been made.
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