Search Legislation

The South Sudan (Sanctions) (EU Exit) Regulations 2019

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 7

 Help about opening options

Changes to legislation:

The South Sudan (Sanctions) (EU Exit) Regulations 2019, Section 7 is up to date with all changes known to be in force on or before 03 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Meaning of “owned or controlled directly or indirectly”U.K.

This section has no associated Explanatory Memorandum

7.—(1) A person who is not an individual (“C”) is “owned or controlled directly or indirectly” by another person (“P”) if either of the following two conditions is met (or both are met).

(2) The first condition is that P—

(a)holds directly or indirectly more than 50% of the shares in C,

(b)holds directly or indirectly more than 50% of the voting rights in C, or

(c)holds the right directly or indirectly to appoint or remove a majority of the board of directors of C.

(3) Schedule 1 contains provision applying for the purpose of interpreting paragraph (2).

(4) The second condition is that it is reasonable, having regard to all the circumstances, to expect that P would (if P chose to) be able, in most cases or in significant respects, by whatever means andF1... whether directly or indirectly, to achieve the result that affairs of C are conducted in accordance with P's wishes.

Textual Amendments

F1Reg. 7(4): comma omitted (31.12.2020 immediately after IP completion day) by virtue of The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2020 (S.I. 2020/591), regs. 1(2), 4(4); S.I. 2020/1514, reg. 5

Commencement Information

I1Reg. 7 not in force at made date, see reg. 1(2)

I2Reg. 7 in force at 25.3.2019 by S.I. 2019/627, reg. 6(1)(f)

Back to top

Options/Help