466. Companies which are not close companies.

Notwithstanding that a company1 is under the control of five or fewer participators2 or of participators who are directors3, a company is not a close company4 if:


    (1)     it is non-UK resident5;


    (2)     it is a registered society6 or a building society7;


    (3)     it is controlled8 by or on behalf of the Crown9;


    (4)     it is controlled by one or more companies none of which is a close company10 and cannot be treated as a close company except by taking, as one of the five or fewer participators requisite for its being so treated, a company which is not