Companies Miscellaneous Provisions Act 2009 Index - Section 4

Amendment of Companies Auditing and Accounting) Act 2003.

4.—(1) Section 27 of the Companies (Auditing and Accounting) Act 2003 is amended—

(a) by substituting the following for subsection (1):
(1) The Supervisory Authority may delegate some or
all of its functions and powers under sections 23 to 26 to
a committee established for that purpose and consisting
of persons from one or more of the following categories
of persons:
(a) persons who are, at the time the committee is
established, directors of the Authority,
(b) other persons that the Authority considers
(b) by inserting in subsection (4) “, including the determination
of whether a matter should be referred to a committee
established for a purpose referred to in subsection
(1)” after “behalf”.
(2) For the avoidance of doubt, a committee that was established
under subsection (1) of section 27 of the Companies (Auditing and
Accounting) Act 2003 prior to the commencement of section 4 of the
Companies (Miscellaneous Provisions) Act 2009 shall be deemed to
have been properly constituted, and shall be deemed to have and to
have had all the powers necessary to perform its functions notwithstanding
that any of its members was a director when he or she was
appointed to the committee but ceased to be such a director before
the completion of the enquiry, investigation or review for which it
was established.

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