C2C1Part 37Companies: supplementary provisions
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Requirements as to independent valuation
I11151The independence requirement
1
A person meets the independence requirement for the purposes of section 1150 only if—
a
he is not—
i
an officer or employee of the company, or
ii
a partner or employee of such a person, or a partnership of which such a person is a partner;
b
he is not—
i
an officer or employee of an associated undertaking of the company, or
ii
a partner or employee of such a person, or a partnership of which such a person is a partner; and
c
there does not exist between—
i
the person or an associate of his, and
ii
the company or an associated undertaking of the company,
a connection of any such description as may be specified by regulations made by the Secretary of State.
2
An auditor of the company is not regarded as an officer or employee of the company for this purpose.
3
In this section—
“associated undertaking” means—
- a
a parent undertaking or subsidiary undertaking of the company, or
- b
a subsidiary undertaking of a parent undertaking of the company; and
- a
“associate” has the meaning given by section 1152.
4
Regulations under this section are subject to negative resolution procedure.
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))