850. Experts and valuers: independence requirement

(1) A person meets the independence requirement for the purposes of section 816 or 836 (expert's report) or section 849 (valuation by another person) only if—
(a) he is not—
(i) an officer or employee of any of the companies or bodies corporate concerned in the scheme, 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 any of the companies or bodies corporate concerned in the scheme, 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) any of the companies or bodies corporate concerned in the scheme or an associated undertaking of such a company or body corporate,
a connection of any such description as may be specified by rules made by the Board.
(2) An auditor of a company or body corporate is not regarded as an officer or employee of the company for this purpose.
(3) For the purposes of this section—
(a) the "companies concerned in the scheme" means every merging company, transferor and existing transferee company,
(b) "associated undertaking", in relation to a company or body corporate, means—
(i) a parent undertaking or subsidiary undertaking of the company or body corporate, or
(ii) a subsidiary undertaking of a parent undertaking of the company or body corporate, and
(c) "associate" has the meaning given by section 851.