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The Agricultural Holdings (Modern Limited Duration Tenancies and Consequential etc. Provisions) (Scotland) Regulations 2017

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5.—(1) For the purposes of regulation 3, a person has control of a legal person (“L”) if that person—

(a)holds or controls, directly or indirectly, more than 50% of the voting rights in L;

(b)holds or controls the right, directly or indirectly, to appoint or remove more than 50% of the board of directors of L; or

(c)otherwise has the right to exercise, or actually exercises, dominant influence or control over L.

(2) In this Part—

(a)references to voting rights in L or T (as the case may be) are to the rights conferred on shareholders in respect of their shares (or, in the case of L or T not having a share capital, on members or equivalent persons) to vote at a general meeting of L or T on all or substantially all matters;

(b)where L or T (as the case may be) does not have general meetings at which matters are decided by the exercise of voting rights, references to voting rights in L or T are to be read as references to rights in relation to L or T that are equivalent to those of a person entitled to exercise voting rights in a company;

(c)references to the board of directors of L or T (as the case may be), where L or T does not have such a board, are to be read as references to the equivalent management body of L or T; and

(d)references to the right to appoint or remove a majority of the board of directors of L or T (as the case may be) are to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all or substantially all matters.

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