Section 498 | Section 496(1)(d): meaning of expenditure

(1)For the purposes of section 496(1)(d) “expenditure” includes expenditure of a capital nature.

(2)None of the following is “expenditure” for those purposes—

(a)the investment of any of the charitable company's funds,

(b)the making of a loan by the charitable company, or

(c)the repayment by the charitable company of the whole or a part of a loan made to it.