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Companies Act 2006

Section 1173: Minor definitions: general

1487.The definitions in subsection (1) that are new or changed are as follows.

1488.The definitions of “body corporate” and “corporation”, and of “firm”, are new in part. They clarify the position of corporations sole and of partnerships that are legal persons but are not regarded as bodies corporate (as under Scots law).

1489.The definitions of “credit institution” and “regulated market” are changed to follow the definitions in more recent EU Directives. Subsection (2) makes provision to deal with the postponement of the Directive on markets in financial instruments and the fact that it may be implemented in different member States on different dates.

1490.The definition of “working day” is new. This expression replaces a variety of expressions in the existing legislation; there is no change of substance.

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