Section 593 | Financial statements under section 532: joint venture groups

(1)This section applies if a notice is given under section 587 in respect of a joint venture group.

(2)The amount to be included in the financial statements under section 532(2) in relation to a member of a joint venture group is the relevant percentage of profits, expenses, gains, losses, assets and liabilities of the member.

(3)“The relevant percentage” means—

(a)in a case where a notice was given under section 587(1), the percentage of the beneficial interest in the member that is held by members of the venturing group, and

(b)in a case where a notice was given under section 587(2), the percentage of the beneficial interest in the member that is held by the venturing company.

(4)Section 533 accordingly has effect in relation to the member as if for subsection (3) there were substituted subsections (2) and (3) of this section.