Section 174 | The purpose of the issue requirement

(1)The relevant shares (other than any of them which are bonus shares) must be issued in order to raise money for the purpose of a qualifying business activity so as to promote business growth and development.

(2)For this purpose “business growth and development” means the growth and development of—

(a)if the issuing company is a single company, the business of that company, and

(b)if the issuing company is a parent company, what would be the business of the group if the activities of the group companies taken together were regarded as one business.