Interests of investors in licensed providers
3.—(1) For the purposes of the definition of “investor” in section 67(6) of the Act (more about investors), a person has ownership or control of the licensed provider or a material interest in it if the person—
(a)is entitled to exercise, or control the exercise of, any voting or equivalent rights in the licensed provider;
(b)would be entitled to receive, if all of the income of the licensed provider were to be distributed among the members, any share of the amount so distributed; or
(c)would be entitled to receive, if all of the assets of the licensed provider were to be distributed among the members (for example, on the winding-up or dissolution of the licensed provider), any share of the amount so distributed.
(2) In the operation of paragraph (1)—
(a)any rights that a person has as a loan creditor are to be disregarded; and
(b)the references to “members” are to be construed as—
(i)in relation to a company, the holders of shares in the company;
(ii)in relation to a limited liability partnership, the members;
(iii)in relation to a partnership, the partners; and
(iv)in relation to any other body or association, the members of that body or association.