property holding vehicle

197a single body corporate which:

1. 197(1) is the sole legal or beneficial owner of a single income generating property;
2. 197(2) issues debentures which have a fixed maturity date or preference shares;
3. 197 (3) issues debentures or preference shares in a sum which does not exceed the value of the income generating property owned;
4. 197(4) issues only one tranche of debentures or preference shares;
5. 197 (5) does not and will not carry on any activities other than the holding of the income generating property referred to in (1) and associated activities, which may include the collection of rent or other income from the income generating property and appointing a manager to maintain the income generating property, but must not include the development of the income generating property that goes beyond maintaining it in a suitable condition; and
6. 197 (6) does not enter into any loan agreement whether as the borrower or lender.