Law of Property Act 1969

6 Business carried on by company controlled by landlord

At the end of section 30 of the Act of 1954 there shall be added the following subsection:—

“(3) Where the landlord has a controlling interest in a company any business to be carried on by the company shall be treated for the purposes of subsection (1)(g) of this section as a business to be carried on by him.

For the purposes of this subsection, a person has a controlling interest in a company if and only if either—

(a) he is a member of it and able, without the consent of any other person, to appoint or remove the holders of at least a majority of the directorships ; or

(b) he holds more than one-half of its equity share capital, there being disregarded any shares held by him in a fiduciary capacity or as nominee for another person;

and in this subsection ' company' and ' share' have the meanings assigned to them by section 455(1) of the [1948 c. 38.] Companies Act 1948 and ' equity share capital' the meaning assigned to it by section 154(5) of that Act.”