{
  "url": "https://openlegislation.uk/licensed-legal-services-interests-in-licensed-providers-scotland-regulations-2012/regulation-4",
  "json_url": "https://openlegislation.uk/licensed-legal-services-interests-in-licensed-providers-scotland-regulations-2012/regulation-4.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/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Interests in non-solicitor investors which are bodies",
  "text": "(1) For the purposes of section 64(4) of the Act (factors as to fitness), a person may be regarded as having ownership or control of the body or a material interest in it if—\n(a) the person—\n(i) is entitled to exercise, or control the exercise of, any voting or equivalent rights in the body;\n(ii) would be entitled to receive, if all of the income of the body were to be distributed among the members, any share of the amount so distributed; or\n(iii) would be entitled to receive, if all of the assets of the body were to be distributed among the members (for example, on the winding-up or dissolution of the entity), any share of the amount so distributed; or\n(b) the person has ownership or control of another body or a material interest in it (determined in accordance with the same principles set out in sub-paragraph (a)) which has ownership or control of the body or a material interest in it (determined in accordance with the same principles set out in sub-paragraph (a)).\n(2) Paragraph 1(b) may continue to operate until no further bodies are determined to have ownership or control of the body or a material interest in it.\n(3) 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/4",
    "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."
}