4.—(1) For the purposes of section 64(4) of the Act (factors as to fitness), a person may be regarded as having ownership or control of the body or a material interest in it if—
(a)the person—
(i)is entitled to exercise, or control the exercise of, any voting or equivalent rights in the body;
(ii)would be entitled to receive, if all of the income of the body were to be distributed among the members, any share of the amount so distributed; or
(iii)would be entitled to receive, if all of the assets of the body were to be distributed among the members (for example, on the winding-up or dissolution of the entity), any share of the amount so distributed; or
(b)the person has ownership or control of another body or a material interest in it (determined in accordance with the same principles set out in sub-paragraph (a)) which has ownership or control of the body or a material interest in it (determined in accordance with the same principles set out in sub-paragraph (a)).
(2) Paragraph 1(b) may continue to operate until no further bodies are determined to have ownership or control of the body or a material interest in it.
(3) 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.