C1Part 37Companies: supplementary provisions

Annotations:
Modifications etc. (not altering text)

Requirements as to independent valuation

I11151The independence requirement

1

A person meets the independence requirement for the purposes of section 1150 only if—

a

he is not—

i

an officer or employee of the company, or

ii

a partner or employee of such a person, or a partnership of which such a person is a partner;

b

he is not—

i

an officer or employee of an associated undertaking of the company, or

ii

a partner or employee of such a person, or a partnership of which such a person is a partner; and

c

there does not exist between—

i

the person or an associate of his, and

ii

the company or an associated undertaking of the company,

a connection of any such description as may be specified by regulations made by the Secretary of State.

2

An auditor of the company is not regarded as an officer or employee of the company for this purpose.

3

In this section—

  • “associated undertaking” means—

    1. a

      a parent undertaking or subsidiary undertaking of the company, or

    2. b

      a subsidiary undertaking of a parent undertaking of the company; and

  • “associate” has the meaning given by section 1152.

4

Regulations under this section are subject to negative resolution procedure.