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Companies Act 1985
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Changes over time for: Paragraph 13
Version Superseded: 06/04/2008
Alternative versions:
- 01/02/1991- Amendment
- 02/02/1996- Amendment
- 01/12/2003
Point in time - Stop date 06/04/2008- Amendment
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Point in time view as at 01/12/2003. This version of this provision has been superseded.
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13(1)References in this Part of this Schedule to shares held by a company shall be construed as follows.
(2)For the purposes of [F1paragraphs 2 to 4] (information about subsidiary undertakings)—
(a)there shall be attributed to the company any shares held by a subsidiary undertaking, or by a person acting on behalf of the company or a subsidiary undertaking; but
(b)there shall be treated as not held by the company any shares held on behalf of a person other than the company or a subsidiary undertaking.
(3)For the purposes of paragraphs 7 to 9 (information about undertakings other than subsidiary undertakings)—
(a)there shall be attributed to the company shares held on its behalf by any person; but
(b)there shall be treated as not held by a company shares held on behalf of a person other than the company.
(4)For the purposes of any of those provisions, shares held by way of security shall be treated as held by the person providing the security—
(a)where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in accordance with his instructions, and
(b)where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights attached to the shares are exercisable only in his interests.
Textual Amendments
F1Words in Sch. 5 para. 13(2) substituted (2.2.1996) by S.I. 1996/189, reg. 14(3), Sch. 3 para. 13 (with reg. 16)
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