257Special category companies and their accounts
(1)For purposes of this Act, " special category companies" are banking companies, shipping companies and insurance companies; and—
(a)" banking company" means a company which is a recognised bank for the purposes of the [1979 c. 37.] Banking Act 1979 or is a licensed institution within that Act;
(b)" insurance company " means an insurance company to which Part II of the [1982 c. 50.] Insurance Companies Act 1982 applies; and
(c)" shipping company " means a company which, or a subsidiary of which, owns ships or includes among its activities the management or operation of ships and which satisfies the Secretary of State that it ought in the national interest to be treated under this Part of this Act as a shipping company.
(2)Except as otherwise provided below, Chapter I of this Part applies to a special category company and its accounts as it applies to, and to the accounts of, any other company.
(3)The individual accounts of a special category company, and the group accounts of a holding company which is, or has as its subsidiary, a special category company, may be prepared under this Chapter and not under Chapter I, and contain a statement that they are so prepared ; and a reference in this Act to a company's accounts (individual or group) being " special category " is to their being so prepared and containing that statement.
(4)Subject as follows, a reference in any enactment or other document to section 228 or 230 of this Act or to Schedule 4 is, in relation to special category accounts, to be read as a reference to section 258 or 259 or Schedule 9 (as the case may require); but this is subject to any contrary context