Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p58
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 141957–144741

those provisions to property, or to an estate or interest in property, were a reference to the share or interest; and
          (iii) the reference in sub-section 462 (4) to any power conferred on the Commission by Subdivision F of Division 4 of Part XII included a reference to the power conferred on the Commission by paragraph (a) of this sub-section; and
     (c) sections 463 and 464 apply in relation to the share or interest in like manner as they apply in relation to property vested in the Commission by Subdivision F of Division 4 of Part XII.".

Exemption of certain companies
77. Section 265 of the Principal Act is amended—
     (a) by inserting after sub-section (1) the following sub-section:
     "(1a) A company limited by guarantee, being a company the memorandum or articles of which prohibits or prohibit the payment of any dividend by the company to its members, need not comply with such of the provisions of this Division and of the regulations made for the purposes of this Division as relate to the inclusion in the annual return of a list of members."; and
     (b) by inserting in sub-section (2) "or (1a) "after "(1)".

Interpretation
78. Section 266 of the Principal Act is amended—
     (a) by omitting the definition of "current liability" and substituting the following definitions:
          " 'approved accounting standard' means an accounting standard that has been approved by the Board under sub-section 266b (1), other than an accounting standard in relation to which a copy of a notice has been published under paragraph 266b (3) (b);
          'Board' means the body, known as the Accounting Standards Review Board, established by the Ministerial Council;";
     (b) by omitting the definition of "non-current liability"; and
     (c) by adding at the end thereof the following sub-section:
     "(2) An approved accounting standard shall be taken to be applicable to accounts of a company or group accounts of a holding

      company if, at the time when the accounts or group accounts are made out, the approved accounting standard—
          (a) applies in relation to the financial year of the company or holding company to which the accounts or group accounts relate; and
          (b) is relevant to those accounts or group accounts.".

79. After section 266 of the Principal Act the following sections are inserted in Division 1 of Part VI:

Dormant corporations
"266a. (1) For the purposes of this Part, a corporation shall be taken to have been dormant throughout a particular period if, and only if, throughout that period, the corporation—
     (a) did not receive or become entitled to any income or incur or become liable for any expenditure;
     (b) did not purchase, sell or supply any goods or other property, or any services,