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7.—(1) On giving notice in accordance with regulation 5 these Regulations shall apply to the venturing company and shall continue to apply unless and until—
(a)the venturing company ceases to satisfy Condition 4 or 5 in regulation 6, or
(b)Part 4 ceases to apply to the venturing company for any reason.
(2) On giving notice in accordance with regulation 5 these Regulations shall apply to each company that is or becomes a member of the joint venture group and (other than regulation 16) shall continue to apply unless and until—
(a)the venturing company ceases to satisfy Condition 4 or 5 in regulation 6,
(b)Part 4 ceases to apply to the venturing company for any reason, or
(c)the member ceases to be a member of the joint venture group.
(3) Regulation 16 (early exit) shall continue to apply whether or not the circumstances are such that these Regulations otherwise cease to apply in accordance with this regulation.
(4) A notice under regulation 5 has effect—
(a)in relation to a venturing company, and
(b)for an accounting period of the venturing company,
only if the Conditions referred to in regulation 8 are satisfied by the joint venture group in relation to that accounting period.
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