Search Legislation

Co-operative and Community Benefit Societies Act 2014

Status:

This is the original version (as it was originally enacted).

100Meaning of company being a “subsidiary” of a society

(1)For the purposes of this Part, a company is a subsidiary of a registered society if—

(a)the society is a member of the company and controls the composition of its board of directors, or

(b)the society holds more than half in nominal value of the company’s equity share capital.

(2)For this purpose, a society is regarded as controlling the composition of a company’s board of directors if the society, by exercising a power exercisable by it without the consent or concurrence of any other person, can appoint or remove the holders of all or a majority of the directorships.

(3)For the purposes of subsection (2), a society is treated as having power to appoint to a directorship if—

(a)a person can be appointed to it only if the society exercises a power of a kind mentioned in that subsection in favour of the person,

(b)a person’s appointment to it follows necessarily from the person’s appointment as a member of the society’s committee, or

(c)the directorship is held by the society.

(4)In determining whether a company is a subsidiary of a registered society—

(a)any shares held or power exercisable by the society in a fiduciary capacity are treated as not held or exercisable by it;

(b)subject to paragraphs (c) and (d), any shares held or power exercisable by any person as a nominee for the society are treated as held or exercisable by the society (but this does not apply where the society is concerned only in a fiduciary capacity);

(c)no account is to be taken of any shares held or power exercisable by any person by virtue of the provisions of—

(i)any debentures of the company, or

(ii)a trust deed for securing any issue of such debentures;

(d)any shares held or power exercisable by the society or a nominee for the society (not being held or exercisable as mentioned in paragraph (c)) are treated as not held or exercisable by the society if—

(i)the ordinary business of the society includes the lending of money, and

(ii)the shares are held or power is exercisable by way of security only for the purposes of a transaction entered into in the ordinary course of that business.

(5)For the meaning of “company” and “equity share capital” see section 102.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources