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The Land Reform (Scotland) Act 2016 (Register of Persons Holding a Controlled Interest in Land) Regulations 2021

Draft Legislation:

This is a draft item of legislation and has not yet been made as a Scottish Statutory Instrument. This draft has been replaced by a new draft, The Land Reform (Scotland) Act 2016 (Register of Persons Holding a Controlled Interest in Land) Regulations 2021 ISBN 978-0-11-104875-7

Interpretation of Part 5

This section has no associated Policy Notes

22.—(1) A person holds a right “indirectly” if the person has a majority stake in an overseas entity and that entity—

(a)holds that right, or

(b)is part of a chain of legal entities—

(i)each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and

(ii)the last of which holds that right.

(2) For these purposes, a person (“A”) has a “majority stake” in a legal entity (“B”) if—

(a)A holds a majority of the voting rights in B,

(b)A is a member of B and has the power to appoint or remove a majority of the board of directors of B,

(c)A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or

(d)A has the right to exercise, or actually exercises, control over B.

(3) In the application of this paragraph to the power to appoint or remove a majority of the board of directors, a legal entity is to be treated as having the right to appoint a director if—

(a)a person’s appointment as a director follows necessarily from that person’s appointment as director of the legal entity, or

(b)the directorship is held by the legal entity itself.

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