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(d) the nature of the tenure;
(e) a summary of the terms of any sub-leases or tenancies, including
repair obligations, granted by the company;
to the approximate age of buildings;
() the present capital value:
(4) the estimated current net rental, being the estimated average nel Bunual income from the property accruing to the company over a long period of yours (not being less than three years) before taking into account tax and any interest or mortgage expenses but after taking into account management and maintenance expenses.
(3) A report for the purposes of sub-paragraph (2) shall state- (2) whether the valuation-
(1) is the current value in the open market, stating whether-
(A) on an investment basis, or
(8) on a development basis, or
(C) on a future capital realization basis;
(ii) is the current value as an asset of a going concern; (ii) is the value after development has been completed; or (iv) has any other busis (which should be stated};
(b) where the valuation is based on value after development has
been completech-
(i) the date when the development is expected to be completed; (i) the estimated cost of carrying out the development or (where part of the development has already been carried out) the estimated cost of completing the development; and
(ii) the estimated value of the property in the open market in its present condition.
(4) If the company has obtained more than one valuation report regarding any of the company's interests in land or buildings within six months before the issue of the prospectus then all other such reports shall be included.
PART III
PROVISIONS APPLYING TO PARTS I AND II OF SCImEDULE
35. Paragraphs 15 (so far as it relates to preliminary expenses) and 19 shall not apply in the case of a prospectus issued more than two years after the date at which the company began to carry on business.
36. Every person shall for the purposes of this Schedule, be deemed to be a vendor who has entered into any contract, absolute or conditional. for the sale or purchase, or for any option of purchase, of any properly to be acquired by the company, in any case where-
(2) the purchase money is not fully paid at the date of the issue
of the prospectus:
(6) the purchase money is to be paid or satisfied wholly or in part out of the proceeds of the issue offered for subscription by the prospectus:
41
(c) the contract depends for its validity or fulfilment on the result
of that issue.
37. Where any property to be acquired by the company is to be taken on lease, this Schedule shall have effect as if the expression "vendor" included the lessor, and the expression "purchase money” included the consideration for the lease, and the expression "aubpurchaser” included a sub-lesses.
38. References in paragraph 10 to subscribing for shares or debentures shall include acquiring them from a person to whom they have been allotted or agreed to be allotted with a view to his offering them for sale.
39. For the purposes of paragraph 12 where the vendors or any of them are a Bro, the members of the firm shall not be treated as separate vendora,
40. If in the case of a company which has been carrying on business, or of a business which has been carried on for less than five years, the accounts of the company or business have only been made up in respect of four years, three years, two years or one year, Part II shall have effect as if references to four years, three years, two years or one year. as the case may be, were substinated for references to five years.
41. The expression "Goancial year" in Part 1 means the year in respect of which the accounts of the company or of the business, as the case may be, are made up, and where by reason of any alteration of the date on which the financial year of the company or business terminates the accounts of the company or business have been made up for a period greater or less than a year, that greater or less period shall for the purposes of that Part be deemed to be a financial year.
42. Any report required by Part II shall either indicate by way of oote any adjustments as respects the figures of any profits or losses or assets and liabilities dealt with by the report which appear to the persons making the report necessary or shall make those adjustments and indicate that adjustments have been made.
43. Any report by accountants required by Part II shall be made by accountants authorized under this Ordinance for appointment as auditors of a company and shall not be made by any accountant who is an officer or servant, or a partner of or in the employment of an officer or servant, of the company or of the company's subsidiary or holding company or of a subsidiary of the company's holding company; and for the purposes of this paragraph the expression "office?" shall include a proposed director but not an auditor.
44. For the purposes of paragraph 6, the description of a person, that is to say, bis profession, trade or other occupation shall be stated with particularity and precision; and the description "Company Director" shall be inadequate unless supplementary information is provided stating the nature of the relevant company's business.
45. For the purposes of this Schedule, "address" in the case of a natural person means the place of his usual residence.
46. Any valuation report required by Part 1L
(a) shall not state or imply that any land or building has been
professionally valued unless the valuation is made by a profes
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