Article 57 - Control
(1) For the purposes of these Regulations, and subject to Article 57(2), "
Control" in relation to a Company means the power of a Person to secure—
(a) by means of the holding of shares or the possession of voting rights in or in relation to that
(b) by virtue of any powers conferred by the articles of association or other document regulating that or any other
that the affairs of the first
Company are conducted in accordance with the wishes of that Person, and in relation to a Partnership, means the right of a Person to a share of more than one-half of the assets, or of more than one-half of the income of that Partnership.
(2) For the purposes of these Regulations, a
Person who exercises Control, or is able to exercise or is entitled to acquire, direct or indirect, Control over the affairs of a Company or a Partnership shall be taken to have Control of that Company or that Partnership, as the case may be.
(3) Without prejudice to the generality of Articles 57(1) and (2), a
Person ("the potential controller") shall be taken to have indirect Control of a Company or a Partnership at a particular time if he would be taken to be directly Controlling that Company or that Partnership if the rights and powers attributed to him included the rights and powers of Persons with whom the potential controller is Connected.
(4) For the purposes of this Article two
Persons are Connected with each other if—
(a) one of them is an individual and the other is his spouse, a relative of his or of his spouse, or the spouse of such a relative;
(b) one ("the first
Person") is in partnership with the other ("the second Person") or is the spouse or relative of the second Person; or
(c) one of them is the trustee of a
Settlement and the other is—
Person who in relation to that Settlement is a Settlor; or
Person who is connected with a Person falling within subparagraph (i) above.
(5) For the purposes of Article 57(4) "relative" means brother, sister, ancestor or lineal descendant including a step-child.
|Amended (as from 18th June 2014)|