# Companies Act 1948, Paragraph 1


The basic conditions as to the shares or debentures of the company whose exemption is in question are—
(a) that no body corporate is the holder of any of the shares or debentures; and
(b) that no person other than the holder has any interest in any of the shares or debentures;
but these conditions are subject to the exceptions provided for by the following paragraphs of this Schedule.

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Source: https://www.legislation.gov.uk/ukpga/Geo6/11-12/38/schedule/SEVENTH/paragraph/1 (the official version)
Page: https://openlegislation.uk/companies-act-1948/schedule-SEVENTH/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.