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30.—(1) In this Part—
“approved body” means a body approved for the time being under regulation 34;
“approved object” has the meaning given in regulation 33;
“income” includes interest;
“qualifying contribution” has the meaning given in regulation 32;
“the regulatory body” means such body, if any, as in relation to which an approval of the Commissioners under regulation 35 has effect for the time being;
“running costs” includes any cost incurred in connection with the management and administration of a body or its assets.
(2) A body shall only be taken to spend a qualifying contribution in the course or furtherance of its approved objects—
(a)in a case where the contribution is made subject to a condition that it may only be invested for the purpose of generating income, where the body so spends all of that income;
(b)in a case not falling within sub-paragraph (a) above, where the body becomes entitled to income, where it so spends both the whole of the qualifying contribution and all of that income;
(c)in a case not falling within either of sub-paragraphs (a) and (b) above, where the body so spends the whole of the qualifying contribution; or
(d)where—
(i)it transfers any qualifying contribution or income derived therefrom to another approved body, and
(ii)that transfer is subject to a condition that the sum transferred shall be spent only in the course or furtherance of that other body’s approved objects.
(3) Any approval, or revocation of such approval, by the Commissioners or the regulatory body shall be given by notice in writing to the body affected and shall take effect from the date the notice is given or such later date as the Commissioners or, as the case may be, the regulatory body may specify in it.
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