(1) Where a private company has qualified to be treated as a small company under subsection 8 of section 8 of this Act, it shall continue to be so qualified, unless, in the latest financial year of the company and the financial year of the company immediately preceding that year, it does not satisfy at least two of the conditions set out in subsection (2) of the said section 8 and if, during each of those two years, it does not satisfy at least two of those conditions, it shall, in respect of its latest financial year, cease to be so qualified
(2) Where a private company has qualified to be treated as a medium-sized company under subsection (1) of section 8 of this Act, it shall continue to be so qualified unless, in the latest financial year of the company and the financial year of the company immediately preceding that year, it does not satisfy at least two of the conditions set out in subsection (3) of the said section 8 for treatment as a medium-sized company and, if during ea