545.This section provides that the investor must not be connected with the issuing company during the period indicated. It is based on section 291(1) of ICTA.
546.There is a reference to connection before the issuing company is incorporated. This covers for example a former employee of a company which becomes a subsidiary or partner of the issuing company within the prescribed period, see section 167(1)(a).
Commentary on Sections Overview Overview Section 163: The no connection with the issuing company requirement