(1) For the purposes of this Chapter, an offshore fund shall be a non-qualifying fund except during an account period of the fund in respect of which the fund is certified by the Revenue Commissioners as a distributing fund.
(2) An offshore fund shall not be certified as a distributing fund in respect of an account period unless with respect to that period the fund pursues a full distribution policy within the meaning of Part 1 of Schedule 19.
(3) Subject to Part 2 of Schedule 19, an offshore fund shall not be certified as a distributing fund in respect of any account period if at any time during that period -
(a) more than 5 per cent by value of the assets of the fund consists of interests in other offshore funds,
(b) subject to subsections (4) and (5), more than 10 per cent by value of the assets of the fund consists of interests in a single company,
(c) the assets of the fund include more than 10 per cent of the issued share capital of any company or of any class of that share capit
…