Regulation 19 Duration and effect of notice

(1)

On giving notice in accordance with regulation 17 these Regulations shall apply to the venturing group and shall continue to apply unless and until—

(a)

the venturing group ceases to satisfy Condition 4 or 5 in regulation 18, or

(b)

Part 4 ceases to apply to the venturing group for any reason.

(2)

On giving notice in accordance with regulation 17 these Regulations shall apply to each company that is or becomes a member of the joint venture group and (other than regulation 26) shall continue to apply unless and until—

(a)

the venturing group ceases to satisfy Condition 4 or 5 in regulation 18,

(b)

Part 4 ceases to apply to the venturing group for any reason, or

(c)

the member ceases to be a member of the joint venture group.

(3)

Regulation 26 (early exit) shall continue to apply whether or not the circumstances are such that these Regulations otherwise cease to apply in accordance with this regulation.

(4)

A notice under regulation 17 has effect—

(a)

in relation to a venturing group, and

(b)

for an accounting period of the principal company of the venturing group,

only if the Conditions referred to in regulation 20 are satisfied by the joint venture group in relation to that accounting period.