1586. (1) In this Part, "applicable company" means –

(a) a company that, in relation to a financial year, qualifies as a large company under section 280H, or

(b) a company that, in relation to a financial year –

(i) qualifies as a small company under section 280A or a medium company under 280F, excluding a company which qualifies as a micro company under section 280D, and

(ii) falls within paragraph (a) of the definition of "public-interest entities".

(2) For the purposes of determining whether a company qualifies as a company referred to in either paragraph (a) or (b)(i) of the definition of "applicable company", a reference in Part 6 to the turnover of a company shall be construed as a reference to the net turnover of the company within the meaning of this Part.

(3) For the purposes of this Part, a reference in the definition of "applicable company" in subsection (1) to a company shall include an unlimited company that is a "designated ULC" within the meaning of section 1274.]