Paragraph 2
England, Wales and Scotland
In section 258(2)(a) and (d) F1and (3A)(a)the references to the voting rights in an undertaking are to the rights conferred on shareholders in respect of their shares or, in the case of an undertaking not having a share capital, on members, to vote at general meetings of the undertaking on all, or substantially all, matters.
In relation to an undertaking which does not have general meetings at which matters are decided by the exercise of voting rights, the references to holding a majority of the voting rights in the undertaking shall be construed as references to having the right under the constitution of the undertaking to direct the overall policy of the undertaking or to alter the terms of its constitution.
Annotations
Textual amendments
- F1
Words in Sch. 10A para. 2(1) inserted (18.7.1996) by S.I. 1996/1669, reg. 2(3), Sch. 1 para. 3(5)
Notes on Schedule 10A
Textual amendments
- F1
Sch. 10A repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 1 (with arts. 7, 12)
Notes on Voting rights in an undertaking
Textual amendments
- F1
Sch. 10A added by Companies Act 1989 (c. 40, SIF 27), ss. 21(2), 213(2), Sch. 9 (subject to the transitional and saving provisions mentioned in S.I. 1990/355, arts. 6–9)