Paragraph 7 Project companyC1 F1

(1)

For the purposes of sections 72C to 72E a company is a “project company” of a project if—

(a)

it holds property for the purpose of the project,

(b)

it has sole or principal responsibility under an agreement for carrying out all or part of the project,

(c)

it is one of a number of companies which together carry out the project,

(d)

it has the purpose of supplying finance to enable the project to be carried out, or

(e)

it is the holding company of a company within any of paragraphs (a) to (d).

(2)

But a company is not a “project company” of a project if—

(a)

it performs a function within sub-paragraph (1)(a) to (d) or is within sub-paragraph (1)(e), but

(b)

it also performs a function which is not—

(i)

within sub-paragraph (1)(a) to (d),

)related to a function within sub-paragraph (1)(a) to (d), or

(iii)

related to the project.

(3)

For the purposes of this paragraph a company carries out all or part of a project whether or not it acts wholly or partly through agents.

Annotations

F1: Sch. 2A inserted (15.9.2003) by 2002 c. 40, s. 250(2), 279, Sch. 18 (with s. 249(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

C1: Sch. 2A modified (31.12.2020) by The Railway (Licensing of Railway Undertakings) (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/700), regs. 1(2), 41; 2020 c. 1, Sch. 5 para. 1(1)

C1: Sch. 2A extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1, 15, Sch. 2 para. 7