(1) In this Part "investment company" means a company (not being a company to which the UCITS Regulations apply) that is - (a) a public limited company, the sole object of which is stated in its memorandum to be the collective investment of its funds in property with the aim of spreading investment risk and giving members of the company the benefit of the results of the management of its funds; and (b) the articles or memorandum of which provide - (i) that the actual value of the paid up share capital of the company shall at all times be equal to the value of the assets of any kind of the company after the deduction of its liabilities; and (ii) subject to subsection (2), that the shares of the company shall, at the request of any of the holders thereof, be purchased by the company directly or indirectly out of the company's assets.
(2) To the extent as may be approved and subject to such conditions as may be applied by the Central Bank, a company that otherwise falls wi
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