(1) Without prejudice to subsections (4) to (6) (which contain transitional provisions), sections 347 and 348 shall not apply to a CLG if it satisfies the following conditions:
(a) it has been formed for charitable purposes; and
(b) it stands exempted from those sections by an order made by the relevant authority (which order the relevant authority is, by virtue of this section, empowered to make),
and the exemption provided by that order may, as the relevant authority considers appropriate, be either for an indefinite or a limited period.
(2) The following provisions have effect in relation to a CLG referred to in subsection (1) -
(a) unless the CLG is entitled to and has availed itself of the audit exemption conferred by Chapter 15 or 16 of Part 6, the statutory auditors of the CLG shall prepare a separate report to the directors which -
(i) confirms that they audited the relevant statutory financial statements for the relevant financial year, and
(ii) includes within it the report m
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