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OF 1: General rules for companies with ASC accounts
or “Rules for managing available subscribed capital accounts for certain investment companies”
You could also call this:

“Rules for companies with Available Subscribed Capital (ASC) accounts”

You should know about the rules for ASC accounts if you have an ASC account company. These accounts are a type of memorandum account. The general rules for memorandum accounts also apply to ASC accounts. You can find these general rules in sections OA 2 and OA 3 of the law. These sections talk about how to treat memorandum accounts. If you want to understand more about how to manage your ASC account, you should look at those sections too.

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Next up: OF 3: Choosing to become ASC account company

or “How certain companies can choose to become ASC account companies and what it means”
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Part O Memorandum accounts
Available subscribed capital accounts (ASCA)

OF 2ASC accounts

  1. The general rules on memorandum accounts set out in sections OA 2 and OA 3 (which relate to the treatment of memorandum accounts) apply to the ASC account of an ASC account company.

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