(1) In this Part, a qualifying investor is an individual who subscribes on his or her own behalf for eligible shares in a qualifying company and complies with this section.
(a) An individual shall not be a qualifying investor if at any time in the compliance period he or she is connected, as determined in accordance with this section and section 501, with the company.
(b) In this Part, an individual shall be connected with a company if the individual or an associate of the individual -
(i) is a partner of the company, or any company in the RICT group,
(ii) subject to subsection (3), is a director or employee of the company, or any company in the RICT group, or
(iii) subject to subsection (5), has an interest in the capital of the company, or any company in the RICT group.
(3) Subsection (2)(b)(ii) shall only apply if the individual or the individual's associate (or a partnership of which the individual or the individual's associate is a member) receives a payment from a company in
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