F2F3F4F5Part VIIIAccounts and Audit

Annotations:
Amendments (Textual)
F2

mod. SR 1994/133

F5

Pt. VIII modified by {S.R. 2004/496}

Chapter 1Provisions Applying to Companies Generally

F6Revision of defective accounts and reports

Annotations:
Amendments (Textual)

Other persons authorised to apply to court253C F7

1

The Department may authorise for the purposes of Article 253B any person appearing to it—

a

to have an interest in, and to have satisfactory procedures directed to securing, compliance by companies withF8 the requirements of this Order relating to accounts F10and directors' reportsF9 (or, where applicable, of Article 4 of the IAS Regulation),

b

to have satisfactory procedures for receiving and investigating complaints about theF8 companies' annual accounts F11and directors' reports, and

c

otherwise to be a fit and proper person to be authorised.

2

A person may be authorised generally or in respect of particular classes of case, and different persons may be authorised in respect of different classes of case.

3

The Department may refuse to authorise a person if it considers that its authorisation is unnecessary having regard to the fact that there are one or more other persons who have been or are likely to be authorised.

4

Authorisation shall be by order made subject to negative resolution.

5

Where authorisation is revoked, the revoking order may make such provision as the Department thinks fit with respect to pending proceedings.

6

Neither a person authorised under this Article, nor any officer, servant or member of the governing body of such a person, shall be liable in damages for anything done or purporting to be done for the purposes of or in connection with—

a

the taking of steps to discover whether there are grounds for an application to the court,

b

the determination whether or not to make such an application, or

c

the publication of its reasons for any such decision,

unless the act or omission is shown to have been in bad faith.