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.