Article 4 Qualifying condition for a body corporate or a partnership

(1) The qualifying condition for a body corporate or a partnership is that during the relevant financial year that body or partnership met one or more of the criteria in table 1 -

Table 1

Turnover	Not less than £6.5 million
Balance sheet total	Not less than £3.26 million
Number of employees	Not less than 50

(2) If the organisation has existed for less than one financial year, the maximum figure for turnover must be proportionately adjusted.

(3) The balance sheet total means -

(a) the aggregate of the amounts shown as assets in the organisation's balance sheet for the relevant financial year; or

(b) where the UK deposit-taker -

(i) makes a determination as to whether the organisation meets the qualifying condition during the organisation's first financial year; and

(ii) at the time the determination is made, the organisation has not yet prepared a balance sheet;

the aggregate of the amounts which would be shown as assets in a balance sheet prepared not more tha

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