PART 3
PROVISIONS APPLYING TO PARTS I AND II OF THIS SCHEDULE
22. Every person shall for the purpose of this Schedule, be deemed to be a vendor who has entered into contract, absolute or conditional, for the sale or purchase, or for any option of purchase, of any property to be acquired by the company, in any case where—
-
(a) the purchase money is not fully paid at the date of the issue of the prospectus;
-
(b) the purchase money is to be paid or satisfied wholly or in part out of the proceeds of the issue offered for subscription by the prospectus;
-
(c) the contract depends for its validity or fulfillment on the result of that issue.
23. Where any property to be acquired by the company is to be taken on lease, this Schedule shall have effect as if the expression “vendor” included the lessor, and the expression “purchase money” included the consideration for the lease, and the expression “sub-purchaser” included a sub-lessee.
24 References in paragraph 7 to subscribing for shares or debentures include acquiring them from a person to whom they have been allotted or agreed to be allotted with a view to his or her offering them for sale.
25. For the purposes of paragraph 9 where the vendors or any of them are a firm, the members of the firm shall be treated as separate vendors.
26. If in the case of a company which has been carrying on business, or of a business which has been carried on, for less than 3 years, the accounts of the company or business have only been made up in respect of 2 years or one year, Part 2 shall have effect as if references to 2 years or one year, as the case may be, were substituted for references to 3 years.
27. The expression “financial year” in Part 2 means the year in respect of which the accounts of the company or business, as the case may be, are made up, and where by reason of any alteration of the date at which the financial year of the company or business terminates the accounts of the company or business have been made up for a period greater or less than a year, that greater or less period shall for the purpose of the said Part be deemed to be a financial year.
28. Any report by accountants required by Part 3 must be made by accountants qualified under the Act for appointment as auditors of a company.
--------------