2.—(1) The requirements referred to in section 700(1) of the 1985 Act shall, for the purposes of their application to oversea companies, be modified as follows:
(a)subject to the following provisions of this article, Part VII of the 1985 Act shall apply as if it had not been amended by the 1989 Act and as if any provision of the 1985 Act necessary for the interpretation of that Part had not been amended or repealed by the 1989 Act;
(b)sections 228 and 230 of the unamended 1985 Act shall not apply in relation to such companies but sections 258 and 259 of the unamended 1985 Act shall apply as if such companies were special category companies within the meaning of section 257(1) of that Act and in particular shall (subject to the provisions of those sections) require the balance sheet, profit and loss account and group accounts of such companies to comply with the requirements of Schedule 9 to the unamended 1985 Act so far as applicable; and
(c)sections 245 and 247 to 253 of, and Schedule 8 and paragraph 29 of Schedule 9 to, the unamended 1985 Act shall not apply to such companies.
(2) Oversea companies shall be exempt from such requirements of the unamended 1985 Act referred to in section 700(1) of the 1985 Act as are specified in the Schedule to this Order.
(3) Oversea companies which would be exempt under section 700(3) of the unamended 1985 Act from compliance with that section (independent company with unlimited liability) shall be exempt from the requirements referred to in section 700(1) of the 1985 Act.