[F1Meaning of “holder of excessive rights”U.K.
This section has no associated Explanatory Memorandum
69Z13.—(1) In this Part a “holder of excessive rights” means a body corporate which—
(a)is a participant in an open-ended investment company to which this Part applies, and
(b)is beneficially entitled to shares representing rights to 10% or more of the net asset value of the company.
(2) Paragraphs (4) and (5) of regulation 69L apply for the purposes of paragraph (1) as they apply for the purposes of regulation 69K.
(3) In this Part an “excessive holding” means the holding of a holder of excessive rights.]
Textual Amendments
F1Pt. 4A inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5