Part 12

Real Estate Investment Trusts
Chapter 10

Joint ventures

Specific requirements and modifications

Financial statements under section 532: joint venture groups
593
1
This section applies if a notice is given under section 587 in respect of a joint venture group.
2
The amount to be included in the financial statements under section 532(2) in relation to a member of a joint venture group is the relevant percentage of profits, expenses, gains, losses, assets and liabilities of the member.
3
“The relevant percentage” means—
a
in a case where a notice was given under section 587(1), the percentage of the beneficial interest in the member that is held by members of the venturing group, and
b
in a case where a notice was given under section 587(2), the percentage of the beneficial interest in the member that is held by the venturing company.
4
Section 533 accordingly has effect in relation to the member as if for subsection (3) there were substituted subsections (2) and (3) of this section.