(1) In this Part, "acquiring transaction" shall be construed in accordance with subsection (2) of this section and "disposal" shall be construed in accordance with subsection (3) of this section.

(2) In this Part "acquiring transaction" means any direct or indirect acquisition by a person or more than one person acting in concert of shares or other interest in an authorised investment business firm:

Provided that after the proposed acquisition -

(a) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed a qualifying holding, or

(b) the proportion of voting rights or capital held by the person or persons making the acquiring transaction would reach or exceed 20 per cent., 33 per cent, or 50 per cent., or

(c) an authorised investment business firm would become a subsidiary of the acquirer.