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Modification of definition of “ineligible entities” in case of PLCs
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75. The Principal Act is amended by the insertion of the following section after section 1116:
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“1116A. The definition of ‘ineligible entities’ in section 275(1) shall apply to a PLC as if—
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(a) in paragraph (c), ‘undertakings,’ were substituted for ‘undertakings, or’,
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(b) in paragraph (d)(ii), ‘shall be read accordingly, or’ were substituted for ‘shall be read accordingly;’, and
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(c) the following paragraph were inserted after paragraph (d):
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‘(e) are PLCs;’.”.
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