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(1)In this Chapter—
“director”—
in the case of a company whose affairs are managed by a board of directors or similar body, means a member of that board or similar body,
in the case of a company whose affairs are managed by a single director or similar person, means that director or person,
in the case of a company whose affairs are managed by its members, means a member,
and includes any person who is to be or has been a director;
“employee” includes—
in relation to a company, a person taking part in the management of the affairs of the company who is not a director, and
a person who is to be or has been an employee;
“market value”, in relation to an interest in shares, means the amount that might reasonably be expected to be obtained from a sale of the interest in the open market;
“shares” (except in section 423 in the expression “convertible shares”) includes—
stock,
securities issued by a company, and
any other interest of a member of a company;
“terms” on which a person is entitled to an interest in shares means terms imposed by contract or arrangement or in any other way.
(2)In this Chapter—
“the employee”,
“the employee’s interest”,
“the employer company”, and
“the shares”,
have the meaning indicated in section 422(1) and (2).