Words substituted by Companies Act 1989 (c. 40, SIF 27) , s. 23 , Sch. 10 para. 33 (subject to savings and transitional provisions in S.I. 1990/1392 , art. 6 )

Words added by Companies Act 1989 (c. 40, SIF 27) , s. 23 , Sch. 10 para. 33 (subject to savings and transitional provisions in S.I. 1990/1392 , art. 6 )

Sch. 3 para. 9(5) substituted (1.10.1991) by S.I. 1991/1997 , reg. 2 ,Sch. (with reg. 4)

Sch. 3 para. 9(7) inserted (23.5.2003) by Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326) , art. 115(4)

Words in Sch. 3 para. 9(4) inserted (23.5.2003) by Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326) , art. 115(2)(a)

Word in Sch. 3 para. 9(4) inserted (23.5.2003) by Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326) , art. 115(2)(b)

Words in Sch. 3 para. 9(6) inserted (23.5.2003) by Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326) , art. 115(3)

Words in Sch. 3 para. 9(2) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2)Sch. 1 para. 96 (with arts. 61112)

Words in Sch. 3 para. 9(5) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), art. 2(2)Sch. 1 para. 1(gg) (with arts. 61112)

http://www.legislation.gov.uk/ukpga/1985/62/schedule/3/crossheading/accounts-and-auditOil and Pipelines Act 1985An Act to provide for the establishment and functions of a body corporate to be called the Oil and Pipelines Agency, for the vesting in that Agency of the property, rights and liabilities of the British National Oil Corporation and for the subsequent dissolution of that Corporation.1985-10-30texttext/xmlenStatute Law Database2016-06-14Expert Participation2015-04-30 SCHEDULESSCHEDULE 3 Financial and Other Provisions Accounts and audit91

It shall be the duty of the Agency—

a

to keep proper accounts and proper records in relation thereto; and

b

to prepare in respect of each accounting year a statement of accounts giving a true and fair view of the state of affairs and, subject to sub-paragraph (2) below, the profit or loss of the Agency.

2

It shall be the duty of the Agency to prepare, in respect of each accounting year in which it has subsidiary undertakings, a statement of consolidated accounts dealing with, and giving a true and fair view of, the state of affairs and the profit or loss of—

a

the Agency and all of its subsidiary undertakings; or

b

the Agency and such of its subsidiary undertakings as the Agency may determine and the Secretary of State and the Treasury may for the time being approve;

and where the Agency prepares such a statement of consolidated accounts in respect of any accounting year, the Secretary of State may with the approval of the Treasury direct that the statement of accounts prepared by the Agency under sub-paragraph (1) above in respect of that year shall not be required to show the Agency’s profit or loss.

In this sub-paragraph “subsidiary undertaking” has the same meaning as in the Companies Acts (see section 1162 of, and Schedule 7 to, the Companies Act 2006).

3

Without prejudice to the requirements of sub-paragraphs (1) and (2) above, every statement of accounts prepared by the Agency in accordance with this paragraph shall comply with any requirement which the Secretary of State has with the approval of the Treasury notified in writing to the Agency relating to—

a

the information to be contained in the statement;

b

the manner in which that information is to be presented; and

c

the methods and principles according to which the statement is to be prepared.

4

The accounts kept, and all statements prepared, by the Agency under this paragraph in respect of accounting years ending on or before 31st March 2002shall be audited by auditors appointed for each suchaccounting year by the Secretary of State after consultation with the Agency.

5

a person shall not be appointed under sub-paragraph (4) above unless he is eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006.

6

As soon as the accounts kept, and the statements prepared, by the Agency under this paragraph in respect of accounting years ending on or before 31st March 2002have been audited, the Agency shall send to the Secretary of State a copy of the statements together with a copy of any report made by the auditors on the statements or on the accounts of the Agency; and the Secretary of State shall lay a copy of every statement and report of which a copy is received by him in pursuance of this sub-paragraph before each House of Parliament.

7

The Agency shall send the accounts kept in respect of each accounting year ending on or after 31st March 2003 and the statement of accounts prepared by it under this paragraph in respect of each such accounting year to the Comptroller and Auditor General as soon as reasonably practicable after the end of the accounting year to which the accounts relate.

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<note class="commentary F" eId="c767667">
<p>
Words substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/40">Companies Act 1989 (c. 40, SIF 27)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/40/section/23">s. 23</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/40/schedule/10/paragraph/33">Sch. 10 para. 33</ref>
(subject to savings and transitional provisions in
<ref href="http://www.legislation.gov.uk/id/uksi/1990/1392">S.I. 1990/1392</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1990/1392/article/6">art. 6</ref>
)
</p>
</note>
<note class="commentary F" eId="c767670">
<p>
Words added by
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/40">Companies Act 1989 (c. 40, SIF 27)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/40/section/23">s. 23</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1989/40/schedule/10/paragraph/33">Sch. 10 para. 33</ref>
(subject to savings and transitional provisions in
<ref href="http://www.legislation.gov.uk/id/uksi/1990/1392">S.I. 1990/1392</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1990/1392/article/6">art. 6</ref>
)
</p>
</note>
<note class="commentary F" eId="c767671">
<p>
Sch. 3 para. 9(5) substituted (1.10.1991) by
<ref href="http://www.legislation.gov.uk/id/uksi/1991/1997">S.I. 1991/1997</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1991/1997/regulation/2">reg. 2</ref>
,Sch. (with reg. 4)
</p>
</note>
<note class="commentary F" eId="key-bb94fc18e0d323099c5f073e317006a3">
<p>
Sch. 3 para. 9(7) inserted (23.5.2003) by
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326">Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326/article/1">art. 1</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326/article/15/4">15(4)</ref>
</p>
</note>
<note class="commentary F" eId="key-7e9b6d34629a95a44aec5e10bd229310">
<p>
Words in Sch. 3 para. 9(4) inserted (23.5.2003) by
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326">Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326/article/1">art. 1</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326/article/15/2/a">15(2)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-aa2031de5365256e727b52596fcbfd64">
<p>
Word in Sch. 3 para. 9(4) inserted (23.5.2003) by
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326">Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326/article/1">art. 1</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326/article/15/2/b">15(2)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-ee729faf16d21d79a8a8af5f40b0aae0">
<p>
Words in Sch. 3 para. 9(6) inserted (23.5.2003) by
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326">Government Resources and Accounts Act 2000 (Audit of Public Bodies) Order 2003 (S.I. 2003/1326)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326/article/1">art. 1</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2003/1326/article/15/3">15(3)</ref>
</p>
</note>
<note class="commentary F" eId="key-c87075324ac0501bb4a00781575b7a98">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/62/schedule/3/paragraph/9/2">Sch. 3 para. 9(2)</ref>
substituted (6.4.2008) by
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948">The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948/article/2/2">art. 2(2)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948/schedule/1/paragraph/96">Sch. 1 para. 96</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948/article/6">arts. 6</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948/article/11">11</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948/article/12">12</ref>
)
</p>
</note>
<note class="commentary F" eId="key-eca55d812c2e561c3697aaaf38235d88">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/62/schedule/3/paragraph/9/5">Sch. 3 para. 9(5)</ref>
substituted (6.4.2008) by
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948">The Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948/article/2/2">art. 2(2)</ref>
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948/schedule/1/paragraph/1/gg">Sch. 1 para. 1(gg)</ref>
(with
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<ref href="http://www.legislation.gov.uk/id/uksi/2008/948/article/11">11</ref>
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<heading> SCHEDULES</heading>
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<heading> Financial and Other Provisions</heading>
<hcontainer name="crossheading" eId="schedule-3-crossheading-accounts-and-audit" period="#period2">
<heading> Accounts and audit</heading>
<paragraph eId="schedule-3-paragraph-9" period="#period2">
<num>9</num>
<subparagraph eId="schedule-3-paragraph-9-1">
<num>1</num>
<intro>
<p>It shall be the duty of the Agency—</p>
</intro>
<paragraph eId="schedule-3-paragraph-9-1-a">
<num>a</num>
<content>
<p>to keep proper accounts and proper records in relation thereto; and</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-9-1-b">
<num>b</num>
<content>
<p>to prepare in respect of each accounting year a statement of accounts giving a true and fair view of the state of affairs and, subject to sub-paragraph (2) below, the profit or loss of the Agency.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-9-2">
<num>2</num>
<intro>
<p>
It shall be the duty of the Agency to prepare, in respect of each accounting year in which it has
<ins class="d30p1224 first last">
<noteRef href="#c767667" marker="F1" class="commentary attribute F"/>
subsidiary undertakings
</ins>
, a statement of consolidated accounts dealing with, and giving a true and fair view of, the state of affairs and the profit or loss of—
</p>
</intro>
<paragraph eId="schedule-3-paragraph-9-2-a">
<num>a</num>
<content>
<p>
the Agency and all of its
<ins class="d30p1234 first last">
<noteRef href="#c767667" marker="F1" class="commentary attribute F"/>
subsidiary undertakings
</ins>
; or
</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-9-2-b">
<num>b</num>
<content>
<p>
the Agency and such of its
<ins class="d30p1244 first last">
<noteRef href="#c767667" marker="F1" class="commentary attribute F"/>
subsidiary undertakings
</ins>
as the Agency may determine and the Secretary of State and the Treasury may for the time being approve;
</p>
</content>
</paragraph>
<wrapUp>
<p>and where the Agency prepares such a statement of consolidated accounts in respect of any accounting year, the Secretary of State may with the approval of the Treasury direct that the statement of accounts prepared by the Agency under sub-paragraph (1) above in respect of that year shall not be required to show the Agency’s profit or loss.</p>
<p>
<ins class="d30p1252 first">
<noteRef href="#c767670" marker="F2" class="commentary attribute F"/>
In this sub-paragraph “
</ins>
<term refersTo="#term-subsidiary-undertaking">
<ins class="d30p1252">subsidiary undertaking</ins>
</term>
<ins class="d30p1252">” has the same meaning as in </ins>
<ins class="d30p1252 last">
<ins class="substitution key-c87075324ac0501bb4a00781575b7a98-2 first last">
<noteRef href="#key-c87075324ac0501bb4a00781575b7a98" marker="F8" class="commentary attribute F"/>
the Companies Acts (see section 1162 of, and Schedule 7 to, the Companies Act 2006)
</ins>
</ins>
.
</p>
</wrapUp>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-9-3">
<num>3</num>
<intro>
<p>Without prejudice to the requirements of sub-paragraphs (1) and (2) above, every statement of accounts prepared by the Agency in accordance with this paragraph shall comply with any requirement which the Secretary of State has with the approval of the Treasury notified in writing to the Agency relating to—</p>
</intro>
<paragraph eId="schedule-3-paragraph-9-3-a">
<num>a</num>
<content>
<p>the information to be contained in the statement;</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-9-3-b">
<num>b</num>
<content>
<p>the manner in which that information is to be presented; and</p>
</content>
</paragraph>
<paragraph eId="schedule-3-paragraph-9-3-c">
<num>c</num>
<content>
<p>the methods and principles according to which the statement is to be prepared.</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-9-4">
<num>4</num>
<content>
<p>
The accounts kept, and all statements prepared, by the Agency under this paragraph
<ins class="key-7e9b6d34629a95a44aec5e10bd229310-1 first last">
<noteRef href="#key-7e9b6d34629a95a44aec5e10bd229310" marker="F5" class="commentary attribute F"/>
in respect of accounting years ending on or before 31st March 2002
</ins>
shall be audited by auditors appointed for each
<ins class="key-aa2031de5365256e727b52596fcbfd64-1 first last">
<noteRef href="#key-aa2031de5365256e727b52596fcbfd64" marker="F6" class="commentary attribute F"/>
such
</ins>
accounting year by the Secretary of State after consultation with the Agency.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-9-5">
<num>
<noteRef href="#c767671" marker="F3" class="commentary F"/>
<ins class="d30p1289 first"> 5 </ins>
</num>
<content>
<p>
<ins class="d30p1289">a person shall not be appointed under sub-paragraph (4) above unless he is eligible for appointment as a </ins>
<ins class="d30p1289">
<ins class="substitution key-eca55d812c2e561c3697aaaf38235d88-2 first last">
<noteRef href="#key-eca55d812c2e561c3697aaaf38235d88" marker="F9" class="commentary attribute F"/>
statutory auditor under Part 42 of the Companies Act 2006
</ins>
</ins>
<ins class="d30p1289 last">.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-9-6">
<num>6</num>
<content>
<p>
As soon as the accounts kept, and the statements prepared, by the Agency under this paragraph
<ins class="key-ee729faf16d21d79a8a8af5f40b0aae0-1 first last">
<noteRef href="#key-ee729faf16d21d79a8a8af5f40b0aae0" marker="F7" class="commentary attribute F"/>
in respect of accounting years ending on or before 31st March 2002
</ins>
have been audited, the Agency shall send to the Secretary of State a copy of the statements together with a copy of any report made by the auditors on the statements or on the accounts of the Agency; and the Secretary of State shall lay a copy of every statement and report of which a copy is received by him in pursuance of this sub-paragraph before each House of Parliament.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-3-paragraph-9-7" period="#period1">
<num>
<ins class="key-bb94fc18e0d323099c5f073e317006a3-2 first">
<noteRef href="#key-bb94fc18e0d323099c5f073e317006a3" marker="F4" class="commentary attribute F"/>
7
</ins>
</num>
<content>
<p>
<ins class="key-bb94fc18e0d323099c5f073e317006a3-2 last">The Agency shall send the accounts kept in respect of each accounting year ending on or after 31st March 2003 and the statement of accounts prepared by it under this paragraph in respect of each such accounting year to the Comptroller and Auditor General as soon as reasonably practicable after the end of the accounting year to which the accounts relate.</ins>
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>