Section 236(3)

The investment condition is that, in relation to BC, a reasonable investor would, if he were to participate in the scheme— expect that he would be able to realize, within a period appearing to him to be reasonable, his investment in the scheme (represented, at any given time, by the value of shares in, or securities of, BC held by him as a participant in the scheme); and be satisfied that his investment would be realized on a basis calculated wholly or mainly by reference to the value of property in respect of which the scheme makes arrangements.

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Source: legislation.gov.uk · retrieved 2026-09-04