Regulation 11(4)

GENERAL INVESTMENTS

Related Commentary  

1  Any investment which benefits directly or indirectly from the security offered by a Phoenix Fund guarantee or by any similar publicly-funded underwriting or guarantee arrangement.

Related Commentary  

2(1)  Any loan to a profit-distributing enterprise–

(a)which is not made on terms that are equivalent to those offered by conventional sources of finance, or

(b)as a consequence of which, and for so long as, the total amount of loans to that enterprise exceeds £100,000 (“the £100,000 limit”).

2(2)  Where the £100,000 limit is exceeded–

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