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.