Amendments to Part 23 of the Companies Act 20062

1

Part 23 of the Companies Act 20064 is amended as follows.

2

In section 832(5) (conditions investment company must meet in order to make a distribution under section 832)—

a

for paragraph (a) substitute the following—

a

the company’s shares must be shares admitted to trading on a regulated market;

b

omit paragraph (b)(i) (together with the “or” following it); and

c

in paragraph (b)(ii) omit “or any capital profits (realised or unrealised)”.

3

In section 832(6) (definitions applying for the purpose of conditions which investment company must meet in order to make a distribution under section 832) omit paragraph (a) (together with the “and” following it).

4

In section 833(1)(b) (meaning of “investment company”), for “requirements” substitute “requirement”.

5

In section 833(2) (requirements to be complied with after giving notice to registrar of intention to carry on business as an investment company)—

a

for “Those requirements are” substitute “The requirement is”;

b

in paragraph (a), for “mainly in securities” substitute “in shares, land or other assets”; and

c

omit paragraphs (b), (c) and (d).

6

Omit section 833(3).

7

Omit sections 834 and 835.