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This is the original version (as it was originally enacted).
Conditions for company
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3(1)Section 106 (conditions for company) is amended as follows.
(2)In subsection (2), insert at the end “(subject to section 109 and regulations under section 116)”.
(3)In subsection (7)(a)(ii)—
(a)for “fixed-rate” substitute “relevant”, and
(b)omit “(within the meaning of paragraph 2 of Schedule 25 to ICTA (acceptable distribution policy))”.
(4)After subsection (7) insert—
“(7A)For the purposes of Condition 5—
(a)“relevant preference share” means a share which is a “relevant preference share” for the purposes of Schedule 18 to ICTA (group relief) or would be but for the fact that it carries a right of conversion into shares or securities in the company, and
(b)a share is “non-voting” if it carries no right to vote at a general meeting of the company or if it carries a right to vote which is contingent on the non-payment of a dividend and which has not become exercisable.”
(5)The amendment made by sub-paragraph (2) is to be treated as always having had effect.
(6)The amendments made by sub-paragraphs (3) and (4) have effect in relation to accounting periods ending on or after 22 April 2009.
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