Amendment of Article 274
3. In Article 274 of the 1986 Order (meaning of “investment company”)(1) –
(a)in paragraph (2)(c), after “that” insert “subject to paragraph (2A),” and
(b)after that paragraph insert –
“(2A) An investment company need not be prohibited by its memorandum or articles from redeeming or purchasing its own shares in accordance with Article 170 or 172 in Chapter VII of Part VI out of its capital profits.”.
(1)
Article 274 was amended by section 117(3) of the Finance Act 1988 (c. 39)