Regulation 18 Conditions for giving notice

The Conditions referred to in regulation 17 are as follows.

• Condition 1

  The venturing group is carrying on a joint venture with another person.

• Condition 2

  The joint venture takes the form of a joint venture group.

• Condition 3

  At least one member of the joint venture group is carrying on property rental business as defined in section 104 and as construed in accordance with regulation 4(4).

• Condition 4

  The members of the venturing group are, in aggregate, beneficially entitled to 40% or more of the profits available for distribution to equity holders in the principal company of the joint venture group.

• Condition 5

  The members of the venturing group are, in aggregate, beneficially entitled to 40% or more of the assets of the principal company of the joint venture group available to equity holders in the event of a winding up.