SCHEDULES

C1C7C9C10C8 SCHEDULE 7Parent and subsidiary undertakings: supplementary provisions

Annotations:
Modifications etc. (not altering text)
C7

Sch. 7 modified (14.3.2012) by Charities Act 2011 (c. 25), ss. 55(3), 58, 355 (with ss. 20(2), 59, Sch. 8)

C9

Sch. 7 applied (with modifications) (26.10.2023) by Online Safety Act 2023 (c. 50), ss. 70(8), 240(4)

Rights attached to shares held by way of security

C6C5C4C3C28

Rights attached to shares held by way of security shall be treated as held by the person providing the security—

a

where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with his instructions, and

b

where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in his interests.