SCHEDULES
C1C2F1SCHEDULE 2A EXCEPTIONS TO PROHIBITION ON APPOINTMENT OF ADMINISTRATIVE RECEIVER: SUPPLEMENTARY PROVISIONS
Sch. 2A extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1, 15, Sch. 2 para. 7
Sch. 2A modified (31.12.2020) by The Railway (Licensing of Railway Undertakings) (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/700), regs. 1(2), 41; 2020 c. 1, Sch. 5 para. 1(1)
7C2Project company
1
For the purposes of sections 72C to 72E a company is a “project company” of a project if—
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.
Sch. 2A inserted (15.9.2003) by 2002 c. 40, s. 250(2), 279, Sch. 18 (with s. 249(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))