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- Original (As enacted)
This is the original version (as it was originally enacted).
18(1)A person holds a share “indirectly” if the person has a majority stake in a legal entity and that entity—
(a)holds the share in question, or
(b)is part of a chain of legal entities—
(i)each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and
(ii)the last of which holds the share.
(2)A person holds a right “indirectly” if the person has a majority stake in a legal entity and that entity—
(a)holds that right, or
(b)is part of a chain of legal entities—
(i)each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and
(ii)the last of which holds that right.
(3)For these purposes, A has a “majority stake” in B if—
(a)A holds a majority of the voting rights in B,
(b)A is a member of B and has the right to appoint or remove a majority of the board of directors of B,
(c)A is a member of B and controls alone, or pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or
(d)A has the right to exercise, or actually exercises, dominant influence or control over B.
(4)In the application of this paragraph to the right to appoint or remove a majority of the board of directors, a legal entity is to be treated as having the right to appoint a director if—
(a)a person’s appointment as director follows necessarily from that person’s appointment as director of the legal entity, or
(b)the directorship is held by the legal entity itself.
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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