The Companies Act 1985 (Bank Accounts) Regulations 1994

Consequential amendment of section 343 etc

6.—(1) Section 343 of the 1985 Act (record of transactions not disclosed in company accounts)(1) is amended in accordance with paragraphs (2) to (4) below.

(2) In paragraph (a) of subsection (1), for the words “, or is the holding company of, a banking company,” there shall be substituted the words “a banking company, or is the holding company of a credit institution,”.

(3) For subsection (2) there shall be substituted—

“(2) Where such a company takes advantage of the provisions of paragraph 2 of Part IV of Schedule 9 in relation to a financial year, that company shall keep a register containing a copy of every transaction, arrangement or agreement of which particulars would, but for that paragraph, be required to be disclosed in the company’s accounts or group accounts for that financial year and for each financial year in the preceding 10 in relation to which the company has taken advantage of the provisions of that paragraph.”.

(4) For subsection (4) there shall be substituted—

“(4) Where such a company takes advantage of the provisions of paragraph 2 of Part IV of Schedule 9 in relation to the last complete financial year preceding its annual general meeting, that company shall before that meeting make available at its registered office for not less than 15 days ending with the date of the meeting a statement containing the particulars of transactions, arrangements and agreements which the company would, but for that paragraph, be required to disclose in its accounts or group accounts for that financial year.”.

(5) In consequence of paragraphs (1) to (4) above, the following provisions of Schedule 10 to the Companies Act 1989(2) are hereby repealed, that is to say—

(a) in paragraph 10, the word “343(1)(a)”; and

(b) paragraph 11.

(1)

Section 343 was amended by section 23 of, and paragraphs 10 and 11 of Schedule 10 to, the Companies Act 1989.

(2)

1989 c. 40.