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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2023 - onwards
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743. Material interest in offshore funds.

(1) In this Chapter, references to a material interest in an offshore fund shall be construed as references to such an interest in any of the following -

(a) a company resident outside the State,

(b) subject to subsection (1B), a unit trust scheme the trustees of which are not resident in the State, and

(c) any arrangements not within paragraph (a) or (b) which take effect by virtue of the law of a territory outside the State and which under that law create rights in the nature of co-ownership (without restricting that expression to its meaning in the law of the State),

and any reference in this Chapter to an offshore fund shall be construed as a reference to any such company, unit trust scheme or arrangements in which any person has an interest which is a material interest.

(1A) For the purposes of subsection (1), rights in the nature of coownership do not include an arrangement in the nature of a coownership that arises solely from the following, that is to say -

(a) rules of a centr

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