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The Scotland Act 1998 (Transitory and Transitional Provisions) (Members' Interests) Order 1999

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Interest in shares

9.—(1) Where a member or his spouse or cohabitee has an interest in shares comprised in the share capital of a company or other body, whether that interest is held by the member, his spouse or cohabitee or by a relevant person, and the nominal value of the shares at the relevant date is–

(a)greater than 1% of the issued share capital of the company or other body; or

(b)greater than £25,000.

(2) Where a member or his spouse or cohabitee has an interest in shares comprised in the share capital of a company or other body at the date on which he was returned as a member, the relevant date is–

(a)that date; and

(b)the 5th April immediately following that date and in each succeeding year, where he retains the interest on that 5th April.

(3) Where a member acquires an interest in shares after the date on which he was returned as a member, the relevant date is–

(a)the date on which he acquired the interest in shares; and

(b)the 5th April immediately following that date and in each succeeding year, where he retains the interest on that 5th April.

(4) For the purposes of this paragraph, a “relevant person” is a person who is subject to the control or direction of a member in respect of an interest in shares.

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