(1) For the purposes of this article and of article 72E -
"Business Angel-led Enterprise Capital Fund" means a collective investment scheme which - (a) is established for the purpose of enabling participants to participate in or receive profits or income arising from the acquisition, holding, management or disposal of investments falling within one or more of - (i) article 76, being shares in an unlisted company; (ii) article 77, being instruments creating or acknowledging indebtedness in respect of an unlisted company; and (iia) article 77A, being rights under an alternative finance investment bond issued by an unlisted company; (iii) article 79, being warrants or other instruments entitling the holder to subscribe for shares in an unlisted company; (b) has only the following as its participants - (i) the Secretary of State; (ii) a body corporate of a type specified in article 72E(7); and (iii) one or more persons each of whom at the time they became a parti
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