
Print Options
PrintThe Whole
Act
PrintThe Whole
Part
PrintThe Whole
Chapter
PrintThe Whole
Cross Heading
PrintThis
Section
only
Changes over time for: Section 386


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/10/2007
Status:
Point in time view as at 11/01/2005. This version of this provision has been superseded.

Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1985, Section 386.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
[386 Election by private company to dispense with annual appointment.E+W+S
(1)A private company may elect (by elective resolution in accordance with section 379A) to dispense with the obligation to appoint auditors annually.
(2)When such an election is in force the company’s auditors shall be deemed to be re-appointed for each succeeding financial year on the expiry of the time for appointing auditors for that year, unless-
[(a)the directors of the company have taken advantage of the exemption conferred by section 249A or 249AA, or]
(b)a resolution has been passed under section 393 to the effect that their appointment should be brought to an end.
(3)If the election ceases to be in force, the auditors then holding office shall continue to hold office-
(a)where section 385 then applies, until the conclusion of the next general meeting of the company at which accounts are laid;
(b)where section 385A then applies, until the end of the time for appointing auditors for the next financial year under that section.
(4)No account shall be taken of any loss of the opportunity of further deemed re-appointment under this section in ascertaining the amount of any compensation or damages payable to an auditor on his ceasing to hold office for any reason.]
Back to top