(1) For the purposes of the Companies Acts a company is “dormant” during any period in which it has no significant accounting transaction.
(2) A “significant accounting transaction” means a transaction that is required by section 386 to be entered in the company's accounting records.
(3) In determining whether or when a company is dormant, there shall be disregarded—
(a) any transaction arising from the taking of shares in the company by a subscriber to the memorandum as a result of an undertaking of his in connection with the formation of the company;
(b) any transaction consisting of the
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