Article 3 Transitional provision relating to the coming into operation of Article 31 of the 1990 Order

(1)

A person who, on the date that Article 31 of the 1990 Order comes into operation, is ineligible for appointment as a company auditor by reason of not being a member of a recognised supervisory body but who then holds office as auditor of a company under an appointment for which he was not disqualified by virtue of Article 397 of the 1986 Order and for which he is not ineligible by virtue of Article 30 of the 1990 Order may, notwithstanding the coming into operation of Article 31 of the 1990 Order, continue to act, and hold office, as auditor of the company until whichever of the following first occurs:—

(a)

the expiry of his term of office as determined in accordance with paragraph (2), or

(b)

his becoming ineligible for appointment as auditor of the company by virtue of Article 30 of the 1990 Order.

(2)

For the purposes of paragraph (1) a person’s term of office shall expire:—

(a)

in a case in which the appointment is as auditor of a company which has elected to dispense with the obligation to appoint auditors annually, at the time at which he would, in accordance with Article 394 of the 1986 Order^f1, cease to hold office if the election ceased to be in force on 29th March 1993, and

(b)

in any other case, at the end of the time within which the company must, in accordance with whichever is applicable of Article 393(2) or 393A(2) of the 1986 Order^f2, next appoint auditors after 29th March1993.

Annotations

Footnotes

f1: Article 394 was inserted into the 1986 Order by Articles 53 and 54(1) of the Companies (No. 2) (Northern Ireland) Order 1990 (S.I. 1990/1504 (N.I. 10))
f2: Articles 393 and 393A were inserted into the 1986 Order by Articles 53 and 54(1) of the Companies (No. 2) (Northern Ireland) Order 1990