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The Somalia (Sanctions) (EU Exit) Regulations 2020
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There are currently no known outstanding effects for the The Somalia (Sanctions) (EU Exit) Regulations 2020, Paragraph 9.
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Shares or rights held “indirectly”U.K.
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9.—(1) A person holds a share “indirectly” if the person has a majority stake in another person and that other person—
(a)holds the share in question, or
(b)is part of a chain of persons—
(i)each of whom (other than the last) has a majority stake in the person immediately below it in the chain, and
(ii)the last of whom holds the share.
(2) A person holds a right “indirectly” if the person has a majority stake in another person and that other person—
(a)holds that right, or
(b)is part of a chain of persons—
(i)each of whom (other than the last) has a majority stake in the person immediately below it in the chain, and
(ii)the last of whom holds that right.
(3) For these purposes, a person (“A”) has a “majority stake” in another person (“B”) if—
(a)A holds a majority of the voting rights in B,
(b)A is a member of B and has the right to appoint or remove a majority of the board of directors of B,
(c)A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or
(d)A has the right to exercise, or actually exercises, dominant influence or control over B.
(4) In the application of this paragraph to the right to appoint or remove a majority of the board of directors, a person (“A”) is to be treated as having the right to appoint a director if—
(a)any person's appointment as director follows necessarily from that person's appointment as director of A, or
(b)the directorship is held by A itself.
Commencement Information
I1Sch. 1 para. 9 in force at 14.12.2020 by S.I. 2020/1514, reg. 12(1)
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