(1) This section defines what is meant by references in this Part to a director being “connected with” a body corporate.
(2) A director is connected with a body corporate if, but only if, he and the persons connected with him together—
(a) are interested in shares comprised in the equity share capital of that body corporate of a nominal value equal to at least 20% of that share capital, or
(b) are entitled to exercise or control the exercise of more than 20% of the voting power at any general meeting of that body.
(3) The rules set out in
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