This section has no associated Explanatory Notes
7(1)Section 175 of that Act (use of money raised requirement) is amended as follows.U.K.
(2)For subsection (1) substitute—
“(1)The requirement of this section is that all of the money raised by the issue of the relevant shares (other than any of them which are bonus shares) is, no later than the time mentioned in subsection (3), employed wholly for the purpose of the qualifying business activity for which it was raised.”
(3)In subsection (2), for “requirements in subsection (1)(a) and (b) do” substitute “ requirement in subsection (1) does ”.
(4)In subsection (3)—
(a)for “subsection (1)(a)” substitute “ subsection (1) ”, and
(b)for “12 months” (in both places) substitute “ two years ”.