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Amendment of section 325 of Principal Act
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41. Section 325 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “Subject to subsection (1A), the directors” for “The directors”,
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(b) by the insertion of the following subsection after subsection (1):
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“(1A) The directors of a company that—
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(a) qualifies for the small companies regime shall not be required to include in the directors’ report, a business review referred to in subsection (1)(b), and
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(b) qualifies for the micro companies regime shall be exempt from the requirement to prepare a directors’ report under subsection (1) provided that the information required under section 328 is included as a note or a footnote to the balance sheet”,
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(c) in subsection (2)(a), by the substitution of “a relevant private company” for “a large private company”,
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(d) in subsection (6), by the substitution of “subsections (1), (1A), (3) or (4)” for “subsection (1), (3) or (4)”, and
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(e) in subsection (7), by the substitution of “subsections (1), (1A), (3) and (4)” for “subsections (1), (3) and (4)”.
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