SCHEDULES
C1C2SCHEDULE 1Connected persons: references to an interest in shares or debentures
Sch. 1 applied (E.W.) (14.3.2012) by Charities Act 2011 (c. 25), ss. 352(2), 355 (with s. 20(2), Sch. 8)
Rights to acquire shares
3
1
A person is taken to have an interest in shares if he enters into a contract to acquire them.
2
A person is taken to have an interest in shares if—
a
he has a right to call for delivery of the shares to himself or to his order, or
b
he has a right to acquire an interest in shares or is under an obligation to take an interest in 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 ceases to have an interest in shares by virtue of this paragraph—
a
on the shares being delivered to another person at his order—
i
in fulfilment of a contract for their acquisition by him, or
ii
in satisfaction of a right of his 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 his right to call for the delivery of shares.
Sch. 1 applied (N.I.) (18.2.2011 for certain purposes, otherwise prosp.) by Charities Act (Northern Ireland) 2008 (c. 12), ss. 57(2), 185, Sch. 5 para. 4(2); S.R. 2011/11, art. 2, Sch.