Commentary

I7.335 Definition of control for APR companies

IHT, trusts and estates

I7.335 Definition of control for APR companies

I7.335 Definition of control for APR companies

Control is defined1 as control of powers of voting on all questions affecting the company as a whole which, if exercised, would yield a majority of the votes capable of being exercised2. A person is not prevented from having control simply because a company has one or more classes of shares or securities with voting rights limited to3:

  1.  

    •     the question of winding up the company, and/or

  2.  

    •     any questions primarily affecting shares or securities of that class

This definition of control, and the rules for taking into account related property and property subject

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