(1)The Corporation shall cease to exist on the appointed day.
(2)The successor company shall prepare a statement of the Corporation’s accounts for the period from the end of that dealt with in the last annual statement of accounts published by the Corporation down to the appointed day (in the following provisions of this section referred to as “the final period”).
(3)The statement shall be in such form and contain such particulars, compiled in such manner, as the Minister may direct with the approval of the Treasury.
(4)The successor company shall arrange for the accounts of the Corporation for the final period to be audited by auditors appointed by the Minister; and a person shall not be qualified to be so appointed unless he is a member of, or is a Scottish firm in which all the partners are members of, one or more bodies of accountants established in the United Kingdom and for the time being recognised by the Secretary of State for the purposes of [F1section 389(1)(a) of the Companies Act 1985].
(5)As soon as the accounts for the final period have been audited, the successor company shall send to the Minister a copy of the statement of accounts for that period together with a copy of the auditor’s report on that statement; and the Minister shall lay a copy of the statement and report before each House of Parliament.
Textual Amendments
F1Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 30, Sch. 2