50 Power to make consequential amendments.E+W+S
(1)The Secretary of State may by regulations make such amendments of enactments as appear to him to be necessary or expedient in consequence of the provisions of this Part having effect in place of section 389 of the M1Companies Act 1985.
(2)That power extends to making such amendments as appear to the Secretary of State necessary or expedient of—
(a)enactments referring by name to the bodies of accountants recognised for the purposes of section 389(1)(a) of the Companies Act 1985, and
(b)enactments making with respect to other statutory auditors provision as to the matters dealt with in relation to company auditors by section 389 of the Companies Act 1985.
(3)The provision which may be made with respect to other statutory auditors includes provision as to—
(a)eligibility for the appointment,
(b)the effect of appointing a partnership which is not a legal person and the manner of exercise of the auditor’s rights in such a case, and
(c)ineligibility on the ground of lack of independence or any other ground.
(4)The regulations may contain such supplementary, incidental and transitional provision as appears to the Secretary of State to be necessary or expedient.
(5)The Secretary of State shall not make regulations under this section with respect to any statutory auditors without the consent of—
(a)the Minister responsible for their appointment or responsible for the body or person by, or in relation to whom, they are appointed, or
(b)if there is no such Minister, the person by whom they are appointed.
(6)In this section a “statutory auditor” means a person appointed auditor in pursuance of any enactment authorising or requiring the appointment of an auditor or auditors.
(7)Regulations under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.