(1) The condition referred to in section 833(2)(b) (requirements to be complied with by investment company) is that none of the company's holdings in companies (other than those that are for the time being investment companies) represents more than 15% by value of the company's investments.
(2) For this purpose -
(a) holdings in companies that -
(i) are members of a group (whether or not including the investing company), and
(ii) are not for the time being investment companies,
are treated as holdings in a single company; and
(b) where the investing company is a member of a group, money owed to it by another member of the group -
(i) is treated as a security of the latter held by the investing company, and
(ii) is accordingly treated as, or as part of, the holding of the investing company in the company owing the money.
(3) The condition does not apply -
(a) to a holding in a company acquired before 6th April 1965 that on that date represented not more than 25% by value of the inv