(1) This section applies where shares in a limited company—
(a) are taken by a subscriber to the memorandum as nominee of the company,
(b) are issued to a nominee of the company, or
(c) are acquired by a nominee of the company, partly paid up, from a third person.
(2) For all purposes—
(a) the shares are to be treated as held by the nominee on his own account, and
(b) the company is to be regarded as having no beneficial interest in them.
(3) This section does not apply—
(a) to shares acquired otherwise than by subscription by a nominee of
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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