C1Part 37Companies: supplementary provisions

Annotations:
Modifications etc. (not altering text)

Requirements as to independent valuation

1152Meaning of “associate”

1

This section defines “associate” for the purposes of section 1151 (valuation: independence requirement).

2

In relation to an individual, “associate” means—

a

that individual's spouse or civil partner or minor child or step-child,

b

any body corporate of which that individual is a director, and

c

any employee or partner of that individual.

3

In relation to a body corporate, “associate” means—

a

any body corporate of which that body is a director,

b

any body corporate in the same group as that body, and

c

any employee or partner of that body or of any body corporate in the same group.

4

In relation to a partnership that is a legal person under the law by which it is governed, “associate” means—

a

any body corporate of which that partnership is a director,

b

any employee of or partner in that partnership, and

c

any person who is an associate of a partner in that partnership.

5

In relation to a partnership that is not a legal person under the law by which it is governed, “associate” means any person who is an associate of any of the partners.

6

In this section, in relation to a limited liability partnership, for “director” read “member”.