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GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 6.12
Joint venture arrangements and joint ventures
(1) A
"joint venture arrangement" is an arrangement for or with respect to carrying
on a joint venture.
(2) A
"joint venture" is any of the following carried on for the purpose of
generating an outcome, output or benefit for its participants-- (a) a common
understanding carried on jointly by two or more entities, whether or not in
partnership,
(b) a common understanding carried on by a body corporate formed
by two or more entities for the purpose of enabling those entities to carry on
that common understanding jointly by means of their joint control, or by means
of their ownership of shares in the capital, of that body corporate,
(c) any
other common understanding (or common understanding of a kind) prescribed by
the regulations as a joint venture.
(3) A common understanding may be
regarded as carried on jointly for the purposes of subsection (2) even though
some or all of the participants-- (a) carry on different aspects of the
understanding, or
(b) receive different outcomes, outputs or benefits under
the understanding.
(4) However-- (a) a
"joint venture arrangement" does not include any arrangement (or arrangement
of a kind) prescribed by the regulations not to be a
joint venture arrangement, and
(b) a
"joint venture" does not include any common understanding (or common
understanding of a kind) prescribed by the regulations not to be a
joint venture.
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