PART IIIU.K. SPECIFIED INVESTMENTS

Shares etc.U.K.

76.—(1) Shares or stock in the share capital of—

(a)any body corporate (wherever incorporated), and

(b)any unincorporated body constituted under the law of a country or territory outside the United Kingdom.

(2) Paragraph (1) includes—

(a)any shares of a class defined as deferred shares for the purposes of section 119 of the Building Societies Act 1986 M1 [F1or section 31A of the Credit Unions Act 1979]; and

(b)any transferable shares in a body incorporated under the law of, or any part of, the United Kingdom relating to [F2co-operative and community benefit societies,] industrial and provident societies or credit unions, or in a body constituted under the law of another EEA State for purposes equivalent to those of such a body.

(3) But subject to paragraph (2) there are excluded from paragraph (1) shares or stock in the share capital of—

(a)an open-ended investment company;

(b)a building society incorporated under the law of, or any part of, the United Kingdom;

(c)a body incorporated under the law of, or any part of, the United Kingdom relating to [F3co-operative and community benefit societies,] industrial and provident societies or credit unions;

(d)any body constituted under the law of an EEA State for purposes equivalent to those of a body falling within sub-paragraph (b) or (c).