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27. If, in accordance with section 251 of the Companies Act 1985(1) (or as the case may be Article 259 of the Companies (Northern Ireland) Order 1986(2)), a company sends to an entitled person a summary financial statement instead of a copy of its directors' report the company shall—
(a)include in the statement the explanatory material required to be included in the directors' report by regulation 26(5); or
(b)send that material to the entitled person at the same time as it sends the statement.
For the purposes of paragraph (b), section 251(2A) to (2E)(3) (or as the case may be Article 259(2A) to (2E)(4)) applies in relation to the material referred to in that paragraph as it applies in relation to a summary financial statement.
Section 251 was substituted by section 15 of the Companies Act 1989 (c. 40) and further amended under section 257 of the Companies Act 1985 (c. 6).
Article 259 was substituted by Article 17 of S.I. 1990/593 (N.I.5) and further amended under Article 265 of S.I. 1986/1032 (N.I.6).
Section 251(2A) to (2E) was inserted by Article 14 of S.I. 2000/3373 and section 251(2C) was amended by regulation 12(1), (5) and (6)(a) of S.I.2005/1011.
Article 259(2A) to (2E) was inserted by Article 12 of S.R.2003/3 and amended by regulation 11 of S.R.2005/61.
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Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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