Versions

 

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,
the voting power mentioned in paragraph (b) above is taken to be exercisable by that person.