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House of Commons

Session 2002 - 03 Internet Publications Other Bills before Parliament

Companies (Audit, Investigations and Community Enterprise) Bill [HL]

Companies (Audit, Investigations and Community Enterprise) Bill [HL]
EXPLANATORY NOTES
Explanatory notes to the Bill, prepared by the Department of Trade and Industry, are
published separately as Bill 142—EN.
EUROPEAN CONVENTION ON HUMAN RIGHTS
Ms Secretary Hewitt has made the following statement under section 19(1)(a) of the
Human Rights Act 1998:
In my view the provisions of the Companies (Audit, Investigations and Community
Enterprise) Bill [HL] are compatible with the Convention rights.
Bill 142 53/3
Companies (Audit, Investigations and Community Enterprise) Bill [HL]
Contents
Part 1
Auditors, accounts and investigations
Chapter 1
Auditors
Recognised supervisory bodies
1    Additional requirements for recognition of supervisory bodies
2    Arrangements to which additional requirements for recognition relate
Delegation of Secretary of State’s functions in relation to auditors
3    Delegation of functions by Secretary of State to new or existing body
4    Circumstances in which Secretary of State may delegate functions to existing
body
5    Supplementary provisions about delegation orders
Auditors’ qualifications
6    Approval of overseas qualifications for auditors
Services provided by auditors
7    Disclosure of services provided by auditors and related remuneration
Chapter 2
Accounts and reports
Auditing of accounts
8    Auditors’ rights to information
9    Statement in directors’ report as to disclosure of information to auditors
Bill 142 53/3
Companies (Audit, Investigations and Community Enterprise) Bill [HL] iv
Defective accounts
10    Persons authorised to apply to court in connection with defective accounts
11    Disclosure of tax information by Inland Revenue to facilitate application for
declaration that accounts are defective
12    Power of person authorised to require documents, information and
explanations
Directors’ reports
13    Power to specify bodies who may issue reporting standards
Supervision of accounts and reports
14    Supervision of periodic accounts and reports of issuers of listed securities
15    Application of provisions inserted by sections 11 and 12 to bodies appointed
under section 14
Bodies concerned with accounting standards etc.
16    Grants to bodies concerned with accounting standards etc.
17    Levy to pay expenses of bodies concerned with accounting standards etc.
18    Exemption from liability
Chapter 3
Investigations
19    Power to require documents and information
20    Protection in relation to certain disclosures
21    Power to enter and remain on premises
22    Failure to comply with certain requirements
Chapter 4
Supplementary
23    Minor and consequential amendments
Part 2
Community interest companies
Introductory
24    Community interest companies
25    Regulator
26    Appeal Officer
27    Official Property Holder
Requirements
28    Cap on distributions and interest
29    Distribution of assets on winding up
30    Memorandum and articles
Companies (Audit, Investigations and Community Enterprise) Bill [HL] v
31    Names
32    Community interest company reports
33    Community interest test and excluded companies
Becoming a community interest company
34    New companies
35    Existing companies: requirements
36    Existing companies: decisions etc.
37    Existing companies: charities
38    Existing companies: Scottish charities
Supervision by Regulator
39    Conditions for exercise of supervisory powers
40    Investigation
41    Audit
42    Civil proceedings
43    Appointment of director
44    Removal of director
45    Appointment of manager
46    Property
47    Transfer of shares etc.
48    Petition for winding up
49    Dissolution and striking off
Change of status
50    Re-registration
51    Ceasing to be a community interest company
52    Becoming a charity or a Scottish charity: requirements
53    Becoming a charity or a Scottish charity: decisions etc.
54    Becoming an industrial and provident society
Supplementary
55    Fees
56    Extension of provisions about registrar etc.
57    Information
58    Offences
59    Orders made by Regulator
60    Regulations
61    Interpretation
Part 3
Supplementary
62    Repeals and revocations
63    Commencement etc.
64    Extent
65    Short title
Companies (Audit, Investigations and Community Enterprise) Bill [HL] vi
Schedule 1   —    New Schedule 7B to the Companies Act 1985
Schedule 2   —    Minor and consequential amendments relating to Part 1
Part 1   —    Amendments relating to auditors
Part 2   —    Amendments relating to accounts and reports
Part 3   —    Amendments relating to investigations
Schedule 3   —    Regulator of Community Interest Companies
Schedule 4   —    Appeal Officer for Community Interest Companies
Schedule 5   —    Official Property Holder for Community Interest Companies
Schedule 6   —    Community interest companies: names
Schedule 7   —    Community interest companies: investigations
Schedule 8   —    Repeals and revocations

© Parliamentary copyright 2004	Revised 16 July 2004