(1) The provisions of this Schedule have effect for the interpretation of references in sections 254 and 255 (directors connected with or controlling a body corporate) to an interest in shares or debentures.
(2) The provisions are expressed in relation to shares but apply to debentures as they apply to shares.
(1) A reference to an interest in shares includes any interest of any kind whatsoever in shares.
(2) Any restraints or restrictions to which the exercise of any right attached to the interest is or may be subject shall be disregarded.
(3) It is immaterial that the shares in which a person has an interest are not identifiable.
(4) Persons having a joint interest in shares are deemed each of them to have that interest.
(1) A person is taken to have an interest in shares if he enters into a contract to acquire them.
(2) A person is taken to have an interest in shares if—
(a) he has a right to call for delivery of the shares to himself or to his order, or
(b) he has a right to acquire an interest in shares or is under an obligation to take an interest in shares,
whether the right or obligation is conditional or absolute.
(3) Rights or obligations to subscribe for shares a
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Collective investment schemes—essentialsThis Practice Note examines the definition of a collective investment scheme (CIS) and available exemptions, and the treatment of regulated and unregulated CIS.Definition of a collective investment schemeThe definition of a CIS is contained in section 235 of
Criminal damageGeneralSimple criminal damage is triable either way unless the value of the alleged damage is £5,000 or less, in which case the offence will be treated as if it were triable only summarily.Where the damage is caused by fire or the racially aggravated form of the offence is charged,
Guarantee paymentsThis Practice Note explains the right to a guarantee payment, which provides limited pay protection for certain employees who are laid off or put on short-time working.In practice the question whether a guarantee payment is due will usually arise in the case of hourly paid or piece
Rescission of a contractWhat is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual
0330 161 1234