[F1PART 2 E+W+S+N.I.CONNECTED PERSONS: REFERENCES TO AN INTEREST IN SHARES OR DEBENTURES
7(1) The provisions of this Part of this Schedule have effect for the interpretation of references in paragraphs 4 and 5 (associated bodies corporate and control of a body corporate) to an interest in shares or debentures.
(2)The provisions are expressed in relation to shares but apply to debentures as they apply to shares.
8(1) A reference to an interest in shares includes any interest of any kind whatsoever in shares.
(2)Any restraints or restrictions to which the exercise of any right attached to the interest is or may be subject shall be disregarded.
(3)It is immaterial that the shares in which a person has an interest are not identifiable.
(4)Persons having a joint interest in shares are deemed each of them to have that interest.
Rights to acquire sharesE+W+S+N.I.
9(1) A person who enters into a contract to acquire shares is taken to have an interest in the shares.
(2)A person who—
(a)has a right to call for delivery of shares to the person or to the person's order, or
(b)has a right to acquire an interest in shares or is under an obligation to take an interest in shares,
is taken to have an interest in the shares, whether the right or obligation is conditional or absolute.
(3)Rights or obligations to subscribe for shares are not to be taken for the purposes of sub-paragraph (2) to be rights to acquire or obligations to take an interest in shares.
(4)A person (“A”) ceases to have an interest in shares by virtue of this paragraph—
(a)on the shares being delivered to another person at A's order—
(i)in fulfilment of a contract for their acquisition by A, or
(ii)in satisfaction of a right of A's to call for their delivery;
(b)on a failure to deliver the shares in accordance with the terms of such a contract or on which such a right falls to be satisfied;
(c)on the lapse of A's right to call for the delivery of shares.
Right to exercise or control exercise of rightsE+W+S+N.I.
10(1) A person who, not being the registered holder, is entitled—
(a)to exercise any right conferred by the holding of the shares, or
(b)to control the exercise of any such right.
is taken to have an interest in the shares.
(2)For this purpose a person is taken to be entitled to exercise or control the exercise of a right conferred by the holding of shares who—
(a)has a right (whether subject to conditions or not) the exercise of which would make the person so entitled, or
(b)is under an obligation (whether or not so subject) the fulfilment of which would make the person so entitled.
(3)A person who—
(a)has been appointed a proxy to exercise any of the rights attached to the shares, or
(b)has been appointed by a body corporate to act as its representative at any meeting of a company or of any class of its members,
is not, by reason only of that fact, to be taken by virtue of this paragraph to be interested in the shares.
11(1) A person is taken to be interested in shares if a body corporate is interested in them and—
(a)the body corporate or its directors are accustomed to act in accordance with the person's directions or instructions, or
(b)the person is entitled to exercise or control the exercise of more than one-half of the voting power at general meetings of the body corporate.
(2)For the purposes of sub-paragraph (1)(b) where—
(a)a person is entitled to exercise or control the exercise of more than one-half of the voting power at general meetings of a body corporate, and
(b)that body corporate is entitled to exercise or control the exercise of any of the voting power at general meetings of another body corporate,
the voting power mentioned in paragraph (b) above is taken to be exercisable by that person.
12(1) Where an interest in shares is comprised in property held on trust, every beneficiary of the trust is taken to have an interest in shares, subject as follows.
(2)So long as a person is entitled to receive, during the lifetime of that person or another, income from trust property comprising shares, an interest in the shares in reversion or remainder or (as regards Scotland) in fee shall be disregarded.
(3)A person is treated as not interested in shares if and so long as the person holds them—
(a)under the law in force in any part of the United Kingdom, as a bare trustee or as a custodian trustee, or
(b)under the law in force in Scotland, as a simple trustee.
(4)There shall be disregarded any interest of a person subsisting by virtue of—
(a)an authorised unit trust scheme (within the meaning of section 237 (other definitions));
(b)a scheme made under section 22 or 22A of the Charities Act 1960 (c. 58), section 25 of the Charities Act (Northern Ireland) 1964 (c. 33 (N.I.)) [F2section 24 or 25 of the Charities Act 1993 or section 96 or 100 of the Charities Act 2011], section 11 of the Trustee Investments Act 1961 (c. 62) or section 42 of the Administration of Justice Act 1982 (c. 53); or
(c)the scheme set out in the Schedule to the Church Funds Investment Measure 1958 (1958 No. 1).
(5)There shall be disregarded any interest—
(a)of the Church of Scotland General Trustees or of the Church of Scotland Trust in shares held by them;
(b)of any other person in shares held by those Trustees or that Trust otherwise than as simple trustees.
“The Church of Scotland General Trustees” are the body incorporated by the order confirmed by the Church of Scotland (General Trustees) Order Confirmation Act 1921 (1921 c. xxv), and “the Church of Scotland Trust” is the body incorporated by the order confirmed by the Church of Scotland Trust Order Confirmation Act 1932 (1932 c. xxi).]