The Companies Act 2006 (Amendment of Part 21A) Regulations 2016

Amendment of the Companies Act 2006

2.  In section 790C of the Companies Act 2006(1) (which explains some key terms in Part 21A of that Act and is inserted by paragraph 1 of Schedule 3 to the Small Business, Enterprise and Employment Act 2015(2))—

(a) for subsection (4)(a) substitute—

“(a) they are “non-registrable” if they do not hold any interest in the company except through one or more legal entities over each of which they have significant control and—

(i) as respects any shares or right in the company which they hold indirectly as described in paragraph 9(1)(b)(i) of Schedule 1A, the legal entity through which the shares or right are held is a relevant legal entity in relation to the company; and

(ii) as respects any shares or right in the company which they hold indirectly as described in paragraph 9(1)(b)(ii) of Schedule 1A, at least one of the legal entities in the chain is a relevant legal entity in relation to the company”;

(b) for subsection (8)(a) substitute—

“(a) it is “non-registrable” if it does not hold any interest in the company except through one or more other legal entities over each of which it has significant control and—

(i) as respects any shares or right in the company which it holds indirectly as described in paragraph 9(1)(b)(i) of Schedule 1A, the legal entity through which the shares or right are held is also a relevant legal entity in relation to the company; and

(ii) as respects any shares or right in the company which it holds indirectly as described in paragraph 9(1)(b)(ii) of Schedule 1A, at least one of the legal entities in the chain is also a relevant legal entity in relation to the company;”.

(1)

2006 c. 46.

(2)

2015 c. 26.