BLM24010 - Defining long funding leases: election: who can make an election? (SI2007/304 regulations 2 and 3)
An election may be made only by lessors of plant or machinery.
The term 鈥榣essor鈥� is defined in CAA01/S70YI and may be a company, individual or partnership. The term does not include a group of companies. Therefore it is possible for one or more companies in a group to make an election while others do not. An election made by one group company does not apply to other companies in the group.
The term 鈥榩lant or machinery鈥� (regulation 3, condition A) is not defined but takes the same meaning as in Part 2 of CAA 2001.