Part 12Real Estate Investment Trusts

Chapter 10Joint ventures

Specific requirements and modifications

591Conditions as to balance of business

1

This section applies if—

a

a notice is given under section 586 in respect of a joint venture company, or

b

a notice is given under section 587 in respect of a joint venture group.

2

Condition A in section 531 (balance of business: profits) must be met in respect of the company or group in relation to each accounting period in relation to which the notice has effect.

3

Condition B in section 531 (balance of business: assets) must be met in respect of the company or group at the beginning of each accounting period in relation to which the notice has effect.

4

For the purposes of this section, section 531 applies—

a

in the case of a joint venture company, as if it were a company which had given a notice under section 524, and

b

in the case of a joint venture group, as if it were a group in respect of which a notice had been given under section 523.