Section 257JD — Income Tax Act 2007: Accreditation as a social impact contractor

Accreditation as a social impact contractor 257JD 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.