SCHEDULES

C1SCHEDULE 6Meaning of “subsidiary” etc: supplementary provisions

Annotations:

Right to appoint or remove a majority of the directors

I13

1

In section 1159(1)(b) the reference to the right to appoint or remove a majority of the board of directors is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all, or substantially all, matters.

2

A company shall be treated as having the right to appoint to a directorship if—

a

a person's appointment to it follows necessarily from his appointment as director of the company, or

b

the directorship is held by the company itself.

3

A right to appoint or remove which is exercisable only with the consent or concurrence of another person shall be left out of account unless no other person has a right to appoint or, as the case may be, remove in relation to that directorship.