Valid from 01/10/2009
Associated bodies corporateU.K.
[F14(1) This paragraph defines what is meant by a manager being “associated” with a body corporate.
(2)A manager is associated with a body corporate if, but only if—
(a)the manager, or a person connected with the manager, is a director or senior executive who has the power to make management decisions affecting the future development and business prospects of the body corporate; or
(b)the manager and the persons connected with the manager together—
(i)are interested in shares comprised in the equity share capital of that body corporate of a nominal value equal to at least 20% of that share capital, or
(ii)are entitled to exercise or control the exercise of more than 20% of the voting power at any general meeting of that body.
(3)The rules set out in Part 2 of this Schedule (references to interest in shares or debentures) apply for the purposes of this paragraph.
(4)References in this paragraph to voting power the exercise of which is controlled by a manager include voting power whose exercise is controlled by a body corporate controlled by the manager.
(5)Shares in a company held as treasury shares, and any voting rights attached to such shares, are disregarded for the purposes of this paragraph.]
Textual Amendments
F1Sch. 11B inserted (1.10.2009) by The Financial Services and Markets Act 2000 (Amendment) Regulations 2009 (S.I. 2009/2461), reg. 2(2)(3), Sch. (this amendment supersedes the amendment in para. 181(2) of Sch. 1 to the Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941))