{
  "url": "https://openlegislation.uk/licensed-legal-services-interests-in-licensed-providers-scotland-regulations-2012/regulation-2",
  "json_url": "https://openlegislation.uk/licensed-legal-services-interests-in-licensed-providers-scotland-regulations-2012/regulation-2.json",
  "legislation": "ssi/2012/154",
  "legislation_title": "The Licensed Legal Services (Interests in Licensed Providers) (Scotland) Regulations 2012",
  "legislation_url": "https://openlegislation.uk/licensed-legal-services-interests-in-licensed-providers-scotland-regulations-2012",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Majority interests in licensed providers",
  "text": "(1) For the purposes of section 49(1) of the Act (majority ownership), the qualifying investors in an entity are regarded as having at least a 51% stake in the total ownership or control of that entity only if, taken together, they—\n(a) are entitled to exercise, and control the exercise of, 51% or more of the voting or equivalent rights in the entity;\n(b) would be entitled to receive, if all of the income of the entity were to be distributed among the members, 51% or more of the amount so distributed; and\n(c) would be entitled to receive, if all of the assets of the entity were to be distributed among the members (for example, on the winding-up or dissolution of the entity), 51% or more of the amount so distributed.\n(2) In the operation of paragraph (1)—\n(a) any rights that a person has as a loan creditor are to be disregarded; and\n(b) the references to “members” are to be construed as—\n(i) in relation to a company, the holders of shares in the company;\n(ii) in relation to a limited liability partnership, the members;\n(iii) in relation to a partnership, the partners; and\n(iv) in relation to any other body or association, the members of that body or association.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ssi/2012/154/regulation/2",
    "retrieved_at": "2026-10-28T21:44:09.957058+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}