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PART III
Provisions applying to Parts I and II of this Schedule
3. (1) In this Schedule, the expression "vendor" includes a vendor as defined in Part III of Schedule II.
(2) Clause 31 of Schedule II shall apply to the interpretation of Parts I and II of this Schedule as it applies to the interpretation of Part II of Schedule II.
4. If in the case of a business which has been carried on, or of a body corporate which has been carrying on business, for less than five financial years, the accounts of the business or body corporate have only been made-up in respect of four such years, three such years, two such years or one such year, Parts I and II of this Schedule shall have effect as if reference to four financial years, three financial years, two financial years or one financial year, as the case may be, were substituted for references to five financial years.
5. Any report required by Part II of this Schedule shall either-
(a) indicate by way of note any adjustments as respects the figures of any profits or losses or assets and liabilities dealt with by the report which appear to the persons making the report necessary; or
(b) make those adjustments and indicate that adjustments have been made.
6. Any report by accountants required by Part II of this Schedule shall-
(a) be made by accountants qualified under this Act for appointment as auditors of a company; and
(b) shall not be made by any accountant who is an officer or servant or a partner or in the employment of an officer or servant, of the company, or of the company's subsidiary or holding company or of a subsidiary of the company's holding company.
For the purposes of this clause, the expression "officer" shall include a proposed director but not an auditor. |