[F1257JDAccreditation as a social impact contractorU.K.
(1)In this Part “accredited social impact contractor” means a company limited by shares that is accredited under this section as a social impact contractor.
(2)Applications for accreditation as a social impact contractor must be made to a Minister of the Crown in the form and manner specified by a Minister of the Crown.
(3)A Minister of the Crown is to accredit a company if, but only if, that Minister is satisfied that—
(a)the company has entered into a social impact contract (see section 257JE),
(b)the company is, and at all times since its incorporation has been, established—
(i)for the purpose of entering into and carrying out a social impact contract, or for that purpose and purposes incidental to it, but
(ii)for no other purpose, and
(c)the activities of the company in carrying out that contract will not consist wholly, or as to a substantial part, in excluded activities (see section 257MQ).
(4)If a Minister of the Crown is satisfied that the condition in subsection (3)(b) or (c) has ceased to be met in relation to a company that is an accredited social impact contractor, that Minister is to withdraw the company's accreditation with effect from the time the condition ceased to be met or a later time.]
Textual Amendments
F1Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1