(1) In this Part an “investment company” means a public company that—
(a) has given notice (which has not been revoked) to the registrar of its intention to carry on business as an investment company, and
(b) since the date of that notice has complied with the following [requirement].
(2) [The requirement is]—
(a) that the business of the company consists of investing its funds [in shares, land or other assets], with the aim of spreading investment risk and giving members of the company the benefit of the results of the management of its funds;
(b) . . .
(c) . . .
(d) . . ..
(3) . . .
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