The Companies Act 1985 (Disclosure of Branches and Bank Accounts) Regulations 1992

• Citation: S.I. 1992/3178
• Sections: 8

Section 1 Citation and Interpretation

These Regulations may be cited as the Companies Act 1985 (Disclosure of Branches and Bank Accounts) Regulations 1992 and shall come into force on 1st January 1993.

Section 2 Citation and Interpretation

In these Regulations “the 1985 Act ” means the Companies Act 1985.

Section 3 Disclosure of branches

Schedule 7 to the 1985 Act is amended by inserting at the end of paragraph 6(c)—

, and

(unless the company is an unlimited company) and indication of the existence of branches (as defined in section 698(2)) of the company outside the United Kingdom

and by omitting the word “and” at the end of paragraph 6(b).

Section 4 Other amendments

Section 228 of the 1985 Act is amended ny inserting at the end of subsection (2)(b) the words “(where applicable as modified by the provisions of the Bank Accounts Directive 86/635/ EEC ))”.

Section 5 Other amendments

Section 225A of the 1985 Act is amended by the substiution, in subsection (4)(b)(ii), of the words “credit institutions” for the words “banking companies”.

Section 6 Other amendments

Section 255B of the 1985 Act is amended by the substitution, in subsection (1), of the words “parent company of a banking group” for the words “parent company of a banking company”.

Section 7 Other amendments

Section 262 of the 1985 Act is amended by the substitution, in subsection (1), of the following for the present definition of “credit institution”—

“credit institution” means a credit institution as defined in article 1 of the First Council Directive on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions ( 77/780/EEC ), that is to say an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account;

Section 8 Transitional provisions

The directors of a company (including a body corporate, or unincorporated body or persons, to which part VII of the 1985 Act is applied by virtue of any enactment, including any subordinate legislation within the meaning of section 21 of the Interpretation Act 1978 ):

(a) need not comply with paragraph 6(d) of Schedule 7 to the 1985 Act (as inserted by regulation 3) in preparing a directors' report under section 234 of that Act for a financial year of the company commencing on a date prior to 1st January 1993; and

(b) may prepare annual accounts under Part VII of the 1985 Act for a financial year of the company commencing on a date prior to 23rd December 1992 as if the amendments to sections 255A, 255B and 262 of the 1985 Act effected by regulations 5, 6 and 7 had not been made.