# The Financial Services Act 1986 (Investment Advertisements) (Exemptions) (No. 2) Order 1988, Article 5: Sale of body corporate


(1) In this article—
(a) “a group of connected individuals”, in relation to the party disposing of shares in a body corporate, means persons each of whom is, or is a close relative of, a director or manager of the body corporate and, in relation to the party acquiring the shares, means persons each of whom is, or is a close relative of, a person who is to be a director or manager of the body corporate;
(b) “close relative” means a person’s spouse, his children (including, in Northern Ireland, his adopted children) and step-children, his parents and step-parents, his brothers and sisters, and his step-brothers and step-sisters and includes a person acting in the capacity of trustee or personal representative of any such relative; and
(c) “single individual” includes two or more persons acting in their capacity as the personal representatives of a single individual.
(2) Section 57 of the Act shall not apply to an investment advertisement if the invitation is made or the information is given by or on behalf of a body corporate, a partnership, a single individual or a group of connected individuals for the purposes of or with a view to the acquisition or disposal of shares in a body corporate other than an open-ended investment company between parties each of whom is a body corporate, a partnership, a single individual or a group of connected individuals, being shares which—
(a) consist of or include shares carrying 75% or more of the voting rights attributable to share capital which are exercisable in all circumstances at any general meeting of the body corporate; or
(b) would, together with any shares already held by the person or persons by or on whose behalf the advertisement is issued, carry not less than that percentage of those voting rights.

---
Source: https://www.legislation.gov.uk/uksi/1988/716/article/5 (the official version)
Page: https://openlegislation.uk/financial-services-act-1986-investment-advertisements-exemptions-no-2-order-1988/article-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.