Meaning of “control" and “major interest"U.K.
96(1)For the purposes of this Part “control”, in relation to a company, is the power of a person to secure—
(a)by means of the holding of shares or the possession of voting power in or in relation to the company or any other company, or
(b)by virtue of any powers conferred by the articles of association or other document regulating the company or any other company,
that the affairs of the company are conducted in accordance with his wishes.
(2)For the purposes of this Part, a person has a “major interest” in a company if—
(a)he and one other person together have control of that company, and
(b)the rights and powers by means of which they have such control represent, in the case of each of them, at least 40% of the total.
The reference in paragraph (a) to two persons together having control of a company is to two persons who, taken together, have the power mentioned in sub-paragraph (1).
(3)Paragraphs 97 to 99 (rights and powers to be taken into account) apply in relation to the determination for the purposes of this Part whether a person has control of, or a major interest in, a company.