3(1)A person is taken to have an interest in shares or debentures if—
(a)he enters into a contract for their purchase by him (whether for cash or other consideration), or
(b)not being the registered holder, he is entitled to exercise any right conferred by the holding of the shares or debentures, or is entitled to control the exercise of any such right.
(2)For purposes of sub-paragraph (1)(b), a person is taken to be entitled to exercise or control the exercise of a right conferred by the holding of shares or debentures 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 sub-paragraph (1)(b) taken to be interested in shares or debentures by reason only that he—
(a)has been appointed a proxy to vote at a specified meeting of a company or of any class of its members and at any adjournment of that meeting, or
(b)has been appointed by a corporation to act as its representative at any meeting of a company or of any class of its members.