Regulation 3

Introduction

1. This Part of this Schedule specifies the conditions at least one of which must be met by an individual ("X") in relation to an eligible Scottish partnership ("eligible Scottish partnership Y") in order for the individual to be a person with "significant control" over the eligible Scottish partnership Y.

Ownership of right to surplus assets on a winding up

2. The first condition is that X holds, directly or indirectly, the right to more than 25% of any surplus assets [See paragraph 12 for the meaning of "the right to surplus assets of an eligible Scottish partnership on a winding up".] in eligible Scottish partnership Y on a winding up.

Ownership of voting rights

3. The second condition is that X holds, directly or indirectly, more than 25% of the voting rights [See paragraph 14 for the meaning of "voting rights".] in eligible Scottish partnership Y.

Ownership of right to appoint or remove the persons entitled to manage the eligible Scottish partnership