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Regulation 12 Effect of acceptance of application

Original text. Later amendments are not shown.

If the Commissioners accept (or are treated as accepting) an application, the applicant is approved as an investment trust—

(a)

for the accounting period commencing on the specified date (or commencing on such later date as may be confirmed in accordance with regulation 7(2)(b)), and

(b)

for each subsequent accounting period,

but this is subject to regulations 13 and 25 to 31.