Form of Application for a SEM Operator Licence
Note
References to shares—
(a)in relation to an applicant with a share capital are to allotted shares.
(b)in relation to an applicant with capital but no share capital, are to rights to share in the capital of the applicant:
(c)in relation to an applicant without capital, are to interests—
(i)conferring any right to share in the profits or liability to contribute to the losses of the applicant or;
(ii)giving rise to an obligation to contribute to the debts or expenses of the applicant in the event of a winding up.