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Changes over time for: Paragraph 11
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Version Superseded: 06/04/2008
Status:
Point in time view as at 01/10/2007. This version of this provision has been superseded.
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Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1985, Paragraph 11.
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Managed fundsU.K.
11(1)For the purposes of this paragraph “managed funds” are funds of a group pension fund —
[(a)the management of which constitutes long term insurance business, and]
(b)which the company administers in its own name but on behalf of others, and
(c)to which it has legal title.
(2)The company shall, in any case where assets and liabilities arising in respect of managed funds fall to be treated as assets and liabilities of the company, adopt the following accounting treatment: assets and liabilities representing managed funds are to be included in the company’s balance sheet, with the notes to the accounts disclosing the total amount included with respect to such assets and liabilities in the balance sheet and showing the amount included under each relevant balance sheet item in respect of such assets or (as the case may be) liabilities.
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