Article 12
United Kingdom
1.
Rules for the valuation of assets shall be laid down in the rules or instruments of incorporation of the qualifying social entrepreneurship fund and shall ensure a sound and transparent valuation process.
2.
The valuation procedures used shall ensure that the assets are valued properly and that the asset value is calculated at least annually.
F13.
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Annotations
Textual amendments
- F1
Art. 12(3) omitted (31.12.2020) by virtue of The Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/343), regs. 1(1), 4(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)