- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
5.—(1) For the purposes of section 150(1)(b) of the 2008 Act, the prescribed condition is that the constitution of the body must state, or contain provisions which ensure, that not less than 50 per cent of its distributable profits in each financial year will be used or applied for the purpose of the activities of that body.
(2) The condition prescribed in paragraph (1) does not apply to the following bodies—
(a)a company limited by guarantee and registered as a charity in England and Wales;
(b)a community interest company registered as a company limited by guarantee; and
(c)a charitable incorporated organisation (within the meaning of section 69A of the Charities Act 1993(1)).
1993 c.10; section 69A was inserted by the Charities Act 2006 (c.50), Schedule 7, paragraph 1.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: