Schedule 1 Schedule 1 Connected Persons: References To An Interest In Shares Or Debentures
1. Introduction(1) The provisions of this Schedule have effect for the interpretation of references in sections 276 and 277 (directors connected with or controlling a body corporate) to an interest in shares or debentures.(2) The provisions are expressed in relation to shares but apply to debentures as they apply to shares.
2. General Provisions(1) A reference to an interest in shares includes any interest of any kind whatsoever in shares.(2) Any restraints or restrictions to which the exercise of any right attached to the interest is or may be subject shall be disregarded.(3) It is immaterial that the shares in which a person has an interest are not identifiable.(4) Persons having a joint interest in shares are deemed each of them to have that interest.
3. Rights To Acquire Shares(1) A person is taken to have an interest in shares if he enters into a contract to acquire them.(2) A person is taken to have an interest in shares if-(a) he has a right to call for delivery of the shares to himself or to his order, or(b) he has a right to acquire an interest in shares or is under an obligation to take an interest in shares,whether the right or obligation is conditional or absolute.(3) Rights or obligations to subscribe for shares are not to be taken for the purposes of sub-paragraph (2) to be rights to acquire or obligations to take an interest in shares.(4) A person ceases to have an interest in shares by virtue of this paragraph-(a) on the shares being delivered to another person at his order-(i)in fulfilment of a contract for their acquisition by him, or(ii)in satisfaction of a right of his to call for their delivery;(b) on a failure to deliver the shares in accordance with the terms of such a contract or on which such a right falls to be satisfied;(c) on the lapse of his right to call for the delivery of shares.
4. Right To Exercise Or Control Exercise Of Rights(1) A person is taken to have an interest in shares if, not being the registered holder, he is entitled-(a) to exercise any right conferred by the holding of the shares, or(b) to control the exercise of any such right.(2) For this purpose a person is taken to be entitled to exercise or control the exercise of a right conferred by the holding of shares if he-(a) has a right (whether subject to conditions or not) the exercise of which would make him so entitled, or(b) is under an obligation (whether or not so subject) the fulfilment of which would make him so entitled.(3) A person is not by virtue of this paragraph taken to be interested in shares by reason only that-(a) he has been appointed a proxy to exercise any of the rights attached to the shares, or(b) he has been appointed by a body corporate to act as its representative at any meeting of a company or of any class of its members.
5. Bodies Corporate(1) A person is taken to be interested in shares if a body corporate is interested in them and-(a) the body corporate or its directors are accustomed to act in accordance with his directions or instructions, or(b) he is entitled to exercise or control the exercise of more than one-half of the voting power at general meetings of the body corporate.(2) For the purposes of sub-paragraph (1)(b) where-(a) a person is entitled to exercise or control the exercise of more than one-half of the voting power at general meetings of a body corporate, and(b) that body corporate is entitled to exercise or control the exercise of any of the voting power at general meetings of another body corporate,(c) the voting power mentioned in paragraph (b) above is taken to be exercisable by that person.
6. Trusts(1) Where an interest in shares is comprised in property held on trust, every beneficiary of the trust is taken to have an interest in shares, subject as follows.(2) So long as a person is entitled to receive, during the lifetime of himself or another, income from trust property comprising shares, an interest in the shares in reversion or remainder shall be disregarded.(3) A person is treated as not interested in shares if and so long as he holds them as a bare trustee or custodian trustee under the laws and regulatiaons applicable in the Abu Dhabi Global Market.