Paragraph 5 Voting rightsI1
United Kingdom
A reference to the voting rights in a person is to the rights conferred on shareholders in respect of their shares (or, in the case of a person not having a share capital, on members) to vote at general meetings of the person on all or substantially all matters.
In relation to a person that does not have general meetings at which matters are decided by the exercise of voting rights—
a reference to holding voting rights in the person is to be read as a reference to holding rights in relation to the person that are equivalent to those of a person entitled to exercise voting rights in a company;
a reference to holding “more than 50% of the voting rights” in the person is to be read as a reference to holding the right under the constitution of the person to block changes to the overall policy of the person or to the terms of its constitution.
Annotations
Commencement
- I1
Sch. 1 para. 5 in force at 29.4.2021 at 2.00 p.m., see reg. 1(2)