Article 20 Final reports and statements of account of existing Boards
As soon as practicable after commencement, and in any case no later than 1st March 2002, a Board must prepare and publish—
a report on the performance of its functions during the relevant period; and
an audited statement of accounts for the relevant period, showing the state of affairs and income and expenditure of the Board during that period.
The statements of accounts referred to in paragraph (1) must be audited by auditors appointed by the Board.
A person must not be appointed as auditor for the purposes of paragraph (2) unless he is eligible for appointment as a company auditor under section 25 of the Companies Act 1989f1.
In this article, “relevant period” means—
in relation to the Policyholders Protection Board, the period from 1st April 2001 until commencement;
in relation to the Deposit Protection Board, the period from the end of its last financial year (as determined by the Board in accordance with paragraph 5(1) of Schedule 4 to the Banking Act) until commencement.
At commencement, a board must retain such property, rights and liabilities as it considers necessary to perform its functions under this article.
Annotations
Footnotes
- f1