Companies Act 1967

22 (1) Paragraph 25 shall be amended as follows.

(2) For sub-paragraph (1) there shall be substituted the following sub-paragraph:—

“(1) A shipping company shall not be subject to the following requirements of Part I of this Schedule, that is to say—

(a) as respects its balance sheet, those of paragraph 4 (except so far as it relates to assets), paragraphs 5, 6 and 7 and sub-paragraphs (6A) and (6B) of paragraph 11;

(b) as respects its profit and loss account, those of sub-paragraph (1)(a), (e) and (f) and sub-paragraphs (3) and (4) of paragraph 12 and paragraph 13a”.

(3) For sub-paragraph (3) there shall be substituted the following sub-paragraph:—

“(3) In this paragraph the expression ' shipping company' means a company which, or a subsidiary of which, owns ships or includes amongst its activities the management or operation of ships, being a company which satisfies the Board of Trade that, in the national interest, it ought to be treated for the purposes of this paragraph as a shipping company”.