- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
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132U.K.After section 576K insert—
(1)In this Chapter (subject to subsections (2) to (5))—
“excluded company” means a company which—
has a trade which consists wholly or mainly of dealing in land, in commodities or futures or in shares, securities or other financial instruments,
has a trade which is not carried on on a commercial basis and in such a way that profits in the trade can reasonably be expected to be realised,
is a holding company of a group other than a trading group, or
is a building society or a registered industrial and provident society,
“group” (except in sections 576B and 576G) means a company which has one or more 51% subsidiaries together with that or those subsidiaries,
“holding company” means a company whose business consists wholly or mainly in the holding of shares or securities of companies which are its 51% subsidiaries,
“investment company” has the meaning given by section 130 except that it does not include the holding company of a trading group,
“registered industrial and provident society” means a society registered or treated as registered under the Industrial and Provident Societies Act 1965 or the Industrial and Provident Societies Act (Northern Ireland) Act 1969,
“shares”—
includes stock, but
does not include shares or stock not forming part of a company's ordinary share capital,
“trading company” means a company other than an excluded company which is—
a company whose business consists wholly or mainly of the carrying on of a trade or trades, or
the holding company of a trading group, and
“trading group” means a group the business of whose members, when taken together, consists wholly or mainly in the carrying on of a trade or trades.
(2)Except as provided by subsection (3), paragraph (b) of the definition of “shares” in subsection (1) does not apply in the definition of “excluded company” in subsection (1) or in section 576J(1) to (4).
(3)Paragraph (b) of that definition applies in relation to the first reference to “shares” in section 576J(1).
(4)The definition of “shares” in subsection (1) does not apply in sections 576B(5)(a), 576G(3) and 576H(1)(c) and (2).
(5)For the purposes of the definition of “trading group” in subsection (1), any trade carried on by a subsidiary which is an excluded company is treated as not constituting a trade.”
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