Commentary on Sections Overview Overview Section 163: The no connection with the issuing company requirement
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).