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Health and Medicines Act 1988

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This is the original version (as it was originally enacted).

5Statutory accounts of the successor company

(1)For the purposes of any statutory accounts of the successor company—

(a)the vesting effected by virtue of section 1 above—

(i)shall be taken to have been a vesting of all the property, rights and liabilities (other than any excepted property, rights and liabilities) to which the Corporation was entitled or subject immediately before the end of the last complete financial year ending before the vesting effected by virtue of section 1 above; and

(ii)shall be taken to have been effected immediately after the end of that year; and

(b)the value of any asset and the amount of any liability of the Corporation taken to have been vested in the successor company by virtue of paragraph (a) above shall be taken to be the value or (as the case may be) the amount assigned to that asset or liability for the purposes of the corresponding statement of accounts prepared by the Corporation in respect of that year in pursuance of section 8 of the [1966 c. 8.] National Health Service Act 1966.

(2)For the purposes of any statutory accounts of the successor company the amount to be included in respect of any item shall be determined as if anything done by the Corporation (whether by way of acquiring, revaluing or disposing of any asset or incurring, revaluing or discharging any liability, or by carrying any amount to any provision or reserve, or otherwise) had been done by the successor company.

Accordingly (but without prejudice to the generality of the preceding provision) the amount to be included from time to time in any reserves of the successor company as representing its accumulated realised profits shall be determined as if any profits realised and retained by the Corporation had been realised and retained by the successor company.

(3)References in this section to the statutory accounts of the successor company are references to any accounts prepared by the successor company for the purposes of any provision of the [1985 c. 6.] Companies Act 1985; and in this section “complete financial year” means a financial year ending with 31st March.

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