(1) Part III of the Companies (Amendment) (No. 2) Act 1999 is amended -
(a) in section 32(1) (as amended by the Companies (Auditing and Accounting) Act 2003) -
(i) by substituting "Subject to sections 32A and 32B" for "Subject to sections 32A and 33(1)", and
(ii) by substituting the following paragraph for paragraph (ii):
"(ii) unless and until -
(I) circumstances, if any, arise in that financial year which result in one or more of the said conditions not being satisfied in respect of that year, or
(II) circumstances otherwise arise by reason of which the said company is not entitled to the exemption in respect of that financial year,
the provisions mentioned in subsection (2) shall not apply to the said company in respect of that year.",
(b) in section 32(3) -
(i) by substituting, in paragraph (a)(ii), "€7.3 million" for "€1,500,000" (inserted by the Companies (Auditing and Accounting) Act 2003), and
(ii) by substituting, in paragraph (a)(iii), "€3.65 million" for "£1,500,