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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2014 - onwards
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422. Controller

(1) In this Act "controller", in relation to an undertaking ("A"), means a person who falls within any of the cases in subsection (2).

(2) The cases are where A holds -

(a) 10% or more of the shares in B or in a parent undertaking of B ("P");

(b) 10% or more of the voting power in B or P; or

(c) shares or voting power in B or P as a result of which A is able to exercise significant influence over the management of B.

(3) For the purposes of calculations relating to this section, the holding of shares or voting power by a person ("A1") includes any shares or voting power held by another ("A2") if A1 and A2 are acting in concert.

(4) In this section "shares" -

(a) in relation to an undertaking with a share capital, means allotted shares;

(b) in relation to an undertaking with capital but no share capital, means rights to share in the capital of the undertaking;

(c) in relation to an undertaking without capital, means interests -

(i) conferring any right to share in the

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