Telecommunications Act 1984
c. 12
(b) that the vesting effected by section 60 of this Act had been
a vesting of all the property, rights and liabilities (other
than the excepted liabilities) to which British Telecommunications was entitled or subject immediately before the
beginning of the relevant year and had been effected immediately after the beginning of that year ;
(c) that the value of any asset and the amount of any liability
of British Telecommunications vested in the successor company by virtue of that section had been the value or (as
the case may be) the amount assigned to that asset or liabi-
211
Sca. 5
lity for the purposes of the statement of accounts prepared
by British Telecommunications in respect of the accounting year immediately preceding the relevant year ;
(d) that any securities of the successor company issued or
allotted before the declaration of the distribution had been
issued or allotted before the end of the relevant year ; and
(e) such other assumptions (if any) as may appear to the directors of the successor company to be necessary or expedient
for the purposes of this paragraph.
(4) For the purposes of the said accounts the amount to be
included in respect of any item shall be determined as if anything
done by British Telecommunications (whether by way of acquiring,
revaluing or disposing of any asset or incurring, revaluing or discharging any liability, or by carrying any amount to any provision
or reserve, or otherwise) had been done by the successor company.
Accordingly (but without prejudice to the generality of the preceding provision) the amount to be included in any reserves of the
successor company as representing its accumulated realised profits
shall be determined as if any profits realised and retained by British
Telecommunications had been realised and retained by the successor
company.
(5) The said accounts shall not be regarded as statutory accounts
for the purposes of section 66 of this Act.
(6) In this
paragraph-
complete accounting year " means an accounting year ending
with 31st March ;
" the relevant year " means the last complete accounting year
of British Telecommunications ending before the transfer
date ;
" securities " has the same meaning as in Part V of this Act.
SCHEDULE
6
SPECIAL TRANSITIONAL PROVISIONS WITH RESPECT TO PATENTS FOR
INVENTIONS AND REGISTERED DESIGNS
1.-(1) For the purpose of making, in relation to agreements to
which this Schedule applies, provision corresponding to that made,
in relation to agreements to which Schedule 5 to the 1981 Act applies,
by paragraphs 3 to 22 of that Schedule, those paragraphs shall have
effect with the modifications made by the following provisions of
this Schedule.
Section 109.