2(1)Notwithstanding the repeal by this Act of section 129 of the M1Education (Scotland) Act 1980, regulations 14 and 16 of the M2Scottish Examination Board Regulations 1981 (duty to keep accounts and submit annual report to Secretary of State), shall continue to apply to the Scottish Examination Board in respect of—S
(a)each financial year ending before the transfer date;
(b)such subsequent period ending with the SEB dissolution date (notwithstanding that period is longer than twelve months) as if the SEB dissolution date were the last day of the subsequent financial year.
(2)The Scottish Vocational Education Council shall be under a duty to continue to keep accounting records, to submit them for auditing purposes and to make a report to the Secretary of State in accordance with Articles 42 to 49 of its Articles of Association in respect of—
(a)each financial year ending before the transfer date;
(b)such subsequent period ending with the SCOTVEC dissolution date (notwithstanding that period is longer than twelve months) as if the SCOTVEC dissolution date were the last day of the subsequent financial year.
(3)In this paragraph “financial year”—
(a)in relation to the Scottish Examination Board, means the period of twelve months ending with 31st December;
(b)in relation to the Scottish Vocational Education Council, means the period of twelve months ending with 31st March.