Part 3Decommissioning of energy installations
Chapter 1Nuclear sites: decommissioning and clean-up
General
F167AMeaning of “associated”: supplementary
(1)
In determining whether, by virtue of section 67, A has a significant interest in B, the following are to be disregarded—
(a)
relevant share security rights that A holds in relation to B;
(b)
subject to subsection (4), shares in B that are acquired by A in consequence of the exercise of relevant share security rights that A holds in relation to B;
(c)
any power that A has, directly or indirectly, to secure that the affairs of B are conducted in accordance with A’s wishes by virtue of—
(i)
relevant share security rights that A holds in relation to B,
(ii)
arrangements that are designed to facilitate the exercise of relevant share security rights that A holds in relation to B, or
(iii)
relevant asset security rights that A holds in relation to B, if A also holds relevant share security rights in relation to B.
(2)
A holds “relevant share security rights” in relation to B if A holds—
(a)
rights to enforce a security interest over shares in B,
(b)
rights relating to enforcement of a security interest over shares in B, or
(c)
rights that enable A to preserve the value of a security interest over shares in B.
(3)
A holds “relevant asset security rights” in relation to B if A holds—
(a)
rights to enforce a security interest over any of B’s assets,
(b)
rights relating to enforcement of a security interest over any of B’s assets, or
(c)
rights that enable A to preserve the value of a security interest over any of B’s assets.
(4)
Subsection (1) (b) does not apply if the shares acquired by A are retained by A for a purpose other than that of preserving the value of the security interest in question or of realising it.
(5)
In this section—
(a)
a reference to “shares” includes a reference to rights attached to shares;
(b)
a reference to A holding rights in relation to B includes a reference to—
(i)
A holding those rights on trust for another person, and
(ii)
A being the beneficiary of a trust of those rights;
(c)
a reference to A acquiring shares in B includes a reference to—
(i)
A acquiring shares in B to hold on trust for another person, and
(ii)
another person acquiring shares in B to hold on trust for A;
(d)
a reference to rights includes a reference to powers.