SCHEDULES
SCHEDULE 2Registrable beneficial owners
PART 5Supplementary provision about interpretation of Schedule
I1I3I221Rights exercisable only in certain circumstances etc
1
Rights that are exercisable only in certain circumstances are to be taken into account only—
a
when the circumstances have arisen, and for so long as they continue to obtain, or
b
when the circumstances are within the control of the person having the rights.
2
But rights that are exercisable by an administrator or by creditors while a legal entity is in relevant insolvency proceedings are not to be taken into account even while the entity is in those proceedings.
3
“Relevant insolvency proceedings” means—
a
administration within the meaning of the Insolvency Act 1986,
b
administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or
c
proceedings under the insolvency law of a country or territory outside the United Kingdom during which an entity’s assets and affairs are subject to the control or supervision of a third party or creditor.
4
Rights that are normally exercisable but are temporarily incapable of exercise are to continue to be taken into account.