Telecommunications Act 1984
c. 12
Act 1980 ; but for the purpose of determining under that section
whether the successor company may make a distribution at any
time any amount for the time being standing to the credit of the
statutory reserve shall be treated for the purposes of section
40(2)(c) as if it were unrealised profits of the company.
(4) For the purposes of any statutory accounts of the successor
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PART V
company(a) the vesting effected by virtue of section 60 above shall
be taken to have 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 end of the last complete
accounting year of British Telecommunications ending
before the transfer date and to have been effected immediately after the end of that year ; and
(b) the value of any asset and the amount of any liability of
British Telecommunications taken to have been vested
in the successor company by virtue of paragraph (a)
above shall be taken to be the value or (as the case
may be) the amount assigned to that asset or liability
for the purposes of the corresponding statement of
accounts prepared by British Telecommunications in
respect of that year.
(5) For the purposes of any statutory accounts of the successor company 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 from time to
time 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.
(6) References in this section to the statutory accounts of the
successor company are references to any accounts prepared by
the successor company for the purposes of any provision of the
Companies Acts 1948 to 1981 (including group accounts) ; and
in this section " complete accounting year " means an accounting year ending with 31st March.
67.-(l) If articles of association of the successor company Temporary
confer on the Secretary of State powers exercisable with the restrictions on
consent of the Treasury for, or in connection with, restricting successor
the sums of mone which ma be borrowed or raised by the borrowings
C
3
etc.