Amendment of Part 16 of the Companies Act 2006
This section has no associated Explanatory Memorandum
5. In section 494ZA (the maximum engagement period)(1)—
(a)in subsection (5)(a)(ii), omit “and” at the end;
(b)for subsection (5)(a)(iii) substitute—
“(iii)if the company is a private company and does not have an audit committee, a selection procedure that complies with the requirements of section 485B(4),
(iv)if the company is a public company and does not have an audit committee, a selection procedure that complies with the requirements of section 489B(4),”;
(c)in subsection (5)(b) after “Audit Regulation” insert “as it had effect immediately before exit day”.
(1)
Section 494ZA was inserted by regulation 12(14) of S.I. 2017/516. Subsection (5) was amended by paragraph 20 of Schedule 1 to S.I. 2017/1164.