The Companies Act 1989 (Commencement No. 2) Order 1990

Transitional provisions relating to section 15

8.—(1) In this article, “the unamended Part VII” means Part VII of the Companies Act 1985 prior to its amendment by the provisions of Part I of the Companies Act 1989 (except for the insertion of the new section 251 as a result of article 2 of this Order) and “a company’s accounts” means the documents referred to in section 239 of the unamended Part VII.

(2) The new section 251 inserted by section 15 of the Companies Act 1989 shall apply with respect to a financial year for which a company’s accounts are prepared under the provisions of the unamended Part VII as if:

(a) the references in sub-sections (1) and (2) thereof to section 238(1) were references to section 240(1) of the unamended Part VII;

(b) the references therein to the company’s annual accounts were references to the documents referred to in section 239(a) and (d) of the unamended Part VII;

(c) the reference in sub-section 4(d) thereof to section 237(3) was a reference to section 237(4) of the unamended Part VII; and

(d) the reference in sub-section (7) thereof to section 240 was a reference to section 255 of the unamended Part VII.

(3) The repeal of the existing section 251 of the Companies Act 1985 by sections 1 and 15 of the Companies Act 1989 shall not affect the continued operation of any regulations previously made thereunder(1).

(1)

The Secretary of State has exercised his powers under section 251, so as to amend the conditions for qualification as a small or medium-sized company, in the Companies (Modified Accounts) Amendment Regulations 1986 (S.I. 1986/1865).