S.L. 123.90 Art. 8Revocation of a designated venture capital fund.

(1) The Commissioner shall deem that the designation of a designated venture capital fund has been revoked on the date when the Corporation expressly revokes such a designation or on the date that the relevant entity fails to conform to the definition of designated venture capital fund as provided in regulation 2, whichever date is the earlier.

(2) Where the Commissioner deems that such a designation has been revoked as aforesaid, he shall consider the relevant tax credit certificates which had not been surrendered by the date of such revocation to be surrendered on the date of such revocation: Provided that such certificates could be surrendered in accordance with the provisions of regulation 5(1): Provided further that the holder of the certificate surrenders the said certificate not later than six months from the date of such revocation.