[F17.—(1) For the purposes of Articles 59C to 59F a company is a “project company” of a project if—N.I.
(a)it holds property for the purpose of the project,
(b)it has sole or principal responsibility under an agreement for carrying out all or part of the project,
(c)it is one of a number of companies which together carry out the project,
(d)it has the purpose of supplying finance to enable the project to be carried out, or
(e)it is the holding company of a company within any of paragraphs (a) to (d).
(2) But a company is not a “project company” of a project if—
(a)it performs a function within sub-paragraph (1)(a) to (d) or is within sub-paragraph (1)(e), but
(b)it also performs a function which is not—
(i)within sub-paragraph (1)(a) to (d),
(ii)related to a function within sub-paragraph (1)(a) to (d), or
(iii)related to the project.
(3) For the purposes of this paragraph a company carries out all or part of a project whether or not it acts wholly or partly through agents.]
F1Sch. 1A inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 5(2), Sch. 3 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2 - 7)