(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 are not to be taken for the purposes of sub-paragraph (2) to be rights to acquire or obligations to take an interest in shares.
(4) A person ceas
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