Financial Services Act 1986 (repealed)
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Change 1
117 Reports and accounts.
(1) A designated agency shall at least once in each year for which the delegation order is in force made a report to the Secretary of State on the discharge of the functions transferred to it by the order and on such other matters as the order may require. (2) The Secretary of State shall lay before Parliament copies of each report received by him under this section. (3) The Secretary of State may give directions to a designated agency with respect to its accounts and the audit of its accounts; and it shall be the duty of the agency to comply with the directions. (4) Subsection (3) above shall not apply to a designated agency which is a company to which section 226 of the Companies Act 1985 applies; but the Secretary of State may require any designated agency (whether or not such a company) to comply with any provisions of that Act which would not otherwise apply to it or direct that any provision of that Act shall apply to the agency with such modifications as are specified in the direction; and it shall be the duty of the agency to comply with any such requirement or direction. (5) In subsection (4) above the references to the Companies Act 1985 and section 226 of that Act include references to the corresponding Northern Ireland provisions.
117 Reports and accounts.
(1) A designated agency shall at least once in each year for which the delegation order is in force made a report to the Secretary of State on the discharge of the functions transferred to it by the order and on such other matters as the order may require. (2) The Secretary of State shall lay before Parliament copies of each report received by him under this section. (3) The Secretary of State may give directions to a designated agency with respect to its accounts and the audit of its accounts; and it shall be the duty of the agency to comply with the directions. (4) Subsection (3) above shall not apply to a designated agency which is a company to which section 226 of the Companies Act 1985 applies; but the Secretary of State may require any designated agency (whether or not such a company) to comply with any provisions of that Act which would not otherwise apply to it or direct that any provision of that Act shall apply to the agency with such modifications as are specified in the direction; and it shall be the duty of the agency to comply with any such requirement or direction. (5) In subsection (4) above the references to the Companies Act 1985 and section 226 of that Act include references to the corresponding Northern Ireland provisions.
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