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35. (1) The special PPP administrator shall—
(a)within 2 months after the end of 6 months from the date of his appointment, and of every subsequent period of 6 months; and
(b)within 2 months after he ceases to act as special PPP administrator,
send the requisite accounts of the receipts and payments of the PPP company to the court, and to the registrar of companies.
(2) The court may, on the application of the special PPP administrator, extend the period of two months mentioned above.
(3) The accounts are to be in the form of an abstract in Form PPP17 showing—
(a)receipts and payments during the relevant period of 6 months; or
(b)where the special PPP administrator has ceased to act, receipts and payments during the period from the end of the last 6 month period to the time when he so ceased (alternatively if there has been no previous abstract, receipts and payments in the period since his appointment as special PPP administrator).
(4) The special PPP administrator is guilty of an offence if he makes default in complying with this rule and is liable on summary conviction to a fine not exceeding one fifth of the statutory maximum and, for continued contravention, to a daily default fine not exceeding one-fiftieth of the statutory maximum.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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