(1)Section 46 of the Companies Act 1989 (c. 40) (delegation by Secretary of State of functions relating to auditors) is amended as follows.
(2)For subsection (1) substitute—
“(1)The Secretary of State may make an order under this section (a “delegation order” for the purpose of enabling functions of the Secretary of State under this Part to be exercised by a body designated by the order.
(1A)The body so designated may be either—
(a)a body corporate which is established by the order, or
(b)subject to section 46A, a body (whether a body corporate or an unincorporated association) which is already in existence (“an existing body”).”
(3)In subsection (2) (effect of delegation order on body established by it), for “established” substitute “designated”.
(4)For subsection (6) substitute—
“(6)Where a delegation order is made, the provisions of Schedule 13 have effect with respect to—
(a)the status of the body designated by the order in exercising functions of the Secretary of State under this Part;
(b)the constitution and proceedings of the body where it is established by the order;
(c)the exercise by the body of certain functions transferred to it; and
(d)other supplementary matters.”