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303. Meaning of "project company"

(1) A Company is a "project company" of a project if —
(a) it holds property for the purpose of the project;
(b) it has sole or principal responsibility under an agreement for carrying out all or part of the project;
(c) it is one of a number of Companies which together carry out the project;
(d) it has the purpose of supplying finance to enable the project to be carried out; or
(e) it is the holding company of a Company within any of paragraphs (a) to (d).
(2) But a Company is not a "project company" of a project if —
(a) it performs a function within sub-paragraph (1)(a) to (d) or is within sub-paragraph (1)(e); but
(b) it also performs a function which is not —
(i) within sub-paragraph (1)(a) to (d);
(ii) related to a function within sub-paragraph (1)(a) to (d); or
(iii) related to the project.
(3) For the purposes of this paragraph a Company carries out all or part of a project whether or not it acts wholly or partly through agents.